SMP 2.75% $1.12 smartpay holdings limited

Ann: Trading Update, page-38

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    and just as an aside: the accounting tax losses are on a FIFO basis. So an accountant might say well you have 20m of tax losses which over the discrete period of our forecast period (usually less than 5 years on very conservative forecasts) and if you can't use your exist losses up on that basis we won't recognise on balance sheet your most recent tax loss. But none of that changes the intrinsic value of the tax losses. They are available. They can be used. And they have value.
 
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