Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-5

There you have it. Customer receipts growth of only 4%. Booked another ($1.8M) outflow of which ($1.2M) was staff costs (what a gig!). No chance they get to CF+ in just two months by my calculations.

Worse, they had to move cash out of their original lending book back onto the balance sheet to use as first-loss protection. It theoretically improves the amount of cash available for funding opex to 3 quarters but what punters should realise is that that cash may not be able to be spent if it's required as first-loss capital against the loans funded by the debt warehouse...

Can't wait for Kenny to tell everyone how embarrassed they should be!