Ann: Notice of Extraordinary General Meeting, page-27

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mkyone

17 Posts.

26/09/22

16:32

Post #: 63883801
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Originally posted by danbradster: ↑

I believe lending has been reduced (pausing the advertising suggests so).

So either: they're in big trouble and had to cut back, or they're cutting back to add some margin of safety (in combination with the raising), to get the loan covenants in a better position.

Probably the covenants caused them to cut back initially, but with the capital raising done, you'd expect them to unpause advertising, but they haven't yet, which is why I wonder if it's to put them in a safer position relative to the covenants.

If they've cut back lending, then the quarter would not look terrible, since the revenue is residual/continuous from existing loans. Only loan originations would be lower - so a lower growth rate, but still good revenue.

It would only be terrible if:
1. Write-downs/bad debts higher than previously disclosed.
2. Covenants way out of hand, and even the capital raising wouldn't fix it.
3. SocietyOne having fixed rates, created a big problem, with it's variable funding costs.

I'd want to see something about the covenants in the quarterly, like the covenants before and after the raising.

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I'm fairly new to investing.

Your points 1. 2. & 3. Why is none of this information public. I just see everyone trying to guess what's going on with this company? Do they not have to disclose most of this?

MME Price at posting: 36.0¢ Sentiment: None Disclosure: Held
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