Ann: 3Q FY24 results update, page-55

It's a nothing report. Given the demand for bnpl they have expanded their sales as anybody would expect, mainly to their existing customers while keeping their bad debts at 1.3%, which is a good place at $130 mil they have expanded their warehouse facility by $300 mil - they were otherwise maxxed out, and they have reported improved net interest margin, given the growth of interest bearing loans rather than BNPL.

There is no mention of the costs attached to the refinance of 60% whole loan book between March and September, although they mention that a new $500 mil is better by 200 bps then the last refin in November 2023 at a weighted average of 2.65%

No mention of closing the Canadian business hollus bollus, not to mention why they could not have sold it, nor any mention of the cost of it. Cancelling 350 million bonuses and performance options suggests the cost will be horrid.

The devil of the detail will come from the end of year financials, due in 4 or 5 months. For now, they have set themselves up concealing details questions, so the SP is unlikely to take off, along with an expected upheaval from the higher rates for longer and a general market malaise from inflation which won't be beaten. They have also set themselves up for a fall IMO, another loss for 2024, risen debt at high interest rates which will ultimately need to be refinanced into Convertible Notes or Warrants at high prices, a capital raise.

The best option for ZIP remains as a takeover target and IMO the directors will not buy any shares. That is the best hint of the future of the business.