Ann: Becoming a substantial holder, page-57

I don't see anyone lending them any more money except on very punitive terms.

Any lender would consider the balance sheet and quality of management.

Dot points from Risk analyst would be .

• Trading for eight years with increasing losses each year.
• Management underperformance despite listing earlier than APT left standing at the Alter.
• Organic growth limited and growth funded by increasing debts and shareholder dilution.
• 500 million of debt in convertible notes
• Numerous loss making divisions that require ongoing capital injection
• Declining share price resulting in more difficult environment to recover funds from short selling.
• Balance sheet with less than 50 cents per share in tangible assets.
• Unable to offer tangible security for loan.
• increasing bond yields offering gauranteed returns now a viable alternative.
• Regulatory Risk.
• Underperformance in UK highlights risk in entering new territories.
• increased competitive landscape
• Inflationary pressures on consumer household budget.
• Increasing arrears trend to unacceptable level of income
• Rising interest rates in developed territories indicating margin pressure on loan book.

Would you lend money to this company. ?