Ann: FY23 Results Investor Presentation, page-51

It sort of works like that but sort of not

From memory back in 2021 in the earnings call they advised that they get to keep interest above 1.5% in the US and in Canada they earn interest when above 0.5%. Most of the jurisdictions work differently.

In FY23 I remember reading in the Feb trading update that they were not permitted to invest in EU Bonds due to the regulator. This has had a drag on float but one would expect that with the remediation now going into embedding stage (EU) and third party assessment (UK) hopefully this would be ok for FY24 and another reason the delayed FY fcast

Something is definitely a-foot here as short interest is now at its lowest level since pre covid (some 11m+ shorts unwound over last week and a half although the below only goes up to 4th Sept which was 7 days post result due to delay so likely number now is back in the 1% mark)