Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-13

White label certainly has potential to materially change earnings in the medium term. Will be interesting if / when they start giving extra detail on progress on that front: when loans start being written, volumes, and the like.

And remember was it the Wilsons made a takeover some years back. Wouldn't surprise if another attempt is made at some point if value not recognized and business is even moderately performing.

Either way, medium term options for value add and value recognition.