$1 Club, page-30817

Not trying to pump mate. Note my sentiment is "hold".

Your fundamental point here is "the negative cashflow means the whole thing is going down".

Let me be brief and clear.

If that was the case, explain the performance of Afterpay - have *never had positive cash flow*. Grab? Still "worth" more than IOU with 3.5 billion in losses last financial year. That's a fact, not a lie Kev.

Modern businesses seem not to need positive cashflow to continue to operate and grow to enormous size, ie, I think your point is moot.


Regarding funding, yeah. They need some to expand. But given their performance, ie, 1% bad debt on their brand new finance product, building IT and marketing infrastructure with their existing capital, I don't see that they will have too much difficulty getting a funding source when they want it. But they don't seem to be very motivated to get it, which, surely, makes one wonder why?

>accountability and improvement to their performance
SInce their cap raise they have brokered a deal to purchase a very large and valuable (to their business plan) asset, launched a BNPL that has had fairly reasonable demand in an already crowded space with better than average bad debt performance, and on top of that continued to negotiate and wheedle deals with other players in their market space and basically gain brand reputation. That isn't even upramping or spin! It's just *what has happened*.



What more do you want? "Improve their performance", it's like you're complaining about a half built submarine not being able to fully submerge. It's early days! It blows my mind that you seem to expect fully realised operations at this stage.

As always, I agree their communications aren't ideal *for investors feelings of anxiety*. But my feelings about what they're doing with the money don't matter.