Ann: Quarterly Activities Report & Appendix 4C - June 2020, page-31

It has been a screaming buy on valuation grounds for a long time. The reason why it's not as good as it looks is that management seem to find plenty of things to do with the company's cash, and assets rather than create value for shareholders. I think there is now the concern that they will continue to do this by funneling the now hugely cash generative RR loan book into the rapidly impairing business finance business. Their track record in making good capital allocation decisions has rarely been in the best interest of shareholders. For a long time now the business has been worth a lot more dead than alive, but there are very few managers who would make the hard decisions that would see them out of employment and lose control - i just don't think they are incentivized that way. You really need some large active shareholders to be able to orchestrate this outcome and It doesn't seem like Somers are interested in this.