This is an accurate assessment.
Also I noticed that “no core debt” is actually - and I’m being serious here - “no drawn core senior secured debt”. See page 2 of the results. Yet they’ve got $16.7m in “trade finance” (up from $5.1m at the half year).
Somehow the share price holds. I wonder why...
Ann: FY18 Financial Results Presentation, page-5
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