Ann: Appendix 4E & Full Year Statutory Accounts, page-157

Each to their own view of course good sir, that's what makes a market. But as for this:

"And we have no colour as to why they are still operating a $15mio corporate facility and not a $50mio committed DW."

To me, the answer is clear. I simply look at the rhetoric from Spenda management about how much demand there was for their software product, versus what they actually delivered in non-project SaaS $ growth over the past two years... and that helps inform me about how much of the rhetoric around their lending demand is going to come true. Considering they need to stump up 10-20% first loss capital, they simply don't have enough money to grow it anywhere near the promised levels (I'm sure Adrian previously guided to them having used around $20M by June 2023). As for @BigKenny, you are welcome to keep pulling out all the "bahahahas" you wish but it speaks volumes to me that in early January the share price hit 1.8c (perhaps on wild hopes the options would get up) and it's more than halved since then. The chart on this thing continues to point one way - down - and those objectively reading the financial statements can clearly understand why. $4.9M unrestricted cash... "tick tock", as they say!