Ann: 3Q22 Trading Update, page-65

Things change ultra quickly and at the time of their last purchase they were happy to fund internally. Rocketing interest rates are going to change the composition of the funding of the loan book, inflation and rising rates could temper demand for loans among customers and who could ever know how capital raises and IPOs are going to be seen if we go to 1970s style economics. I agree it's not a good thing, it's a bitter pill, but the directors are acting in the company's best interests with an abundance of caution. In time it may look very clever.