Ann: Senior Debt Refinancing, page-6

We are finally seeing something that is putting some foundations under what has been forecast for some time. Fortress rates will still pervade the margins for 2.5 years according to the article but of course they will taper off over that period. I am hoping that the $8-12m forecast savings applies to FY25 and not the expected savings after the 2.5yr period ends - wishful thinking probably. The big rerates are further down the track with a reasonable NPAT for FY25 and a possible return to dividends in FY26 or FY27. KJ has mentioned that he wants to return to paying dividends as soon as the opportunity arises and that is where the real catalyst lies.