I finally read the prospectus:
Did no-one realise the company is insolvent? The debts are higher than the loan book and the balance of assets are intangibles and tax assets. A few more bad debts and it's bankrupt. Asic should be looking into this. How can they spruik an insolvent business at such lofty valuation?
IPO - Latitude Financial Group Limited, page-71
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