Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-12

The financial planning pivot was, in hindsight, unwise. But it also demonstrated management's ambition. Yes, the current arrangement is a cash sandbox for management but two things give me hope for improvement:

1. Ego was bruised by the failure and i suspect there will be desire for redemption, either for ego or otherwise for massive financial gain as major shareholders. The white label loan jv I argue demonstrates that management is not content to just let this drift lazily or rest on its laurels.

2. Retirement will surely come into calculation sooner rather than later. The current cycle gives a great exit opportunity if that was on the cards after the hard turnaround slog.

Both are speculative, and in the alternative this is just a sound value play given the predictability of loan book revenue