5 year post mortem, page-5

Not really, no specifics. Just more generalities to follow your earlier comments. Specifics might include:

Whether you think the pro-forma balance sheet on p27 of the Capital Raise presentation is sufficient to see them through the current difficult retail environment?

My view is that it looks better but existing instos and lenders have just provided them with the minimum in order to try and salvage something from their sunk investment.

They're STILL talking about growth but I think they're still in steady the ship mode. That it's now trading 20% below the raise price (12 v 15) suggests the market isn't confident this will be the last.

Do you think they can execute the savings they've outlined without additional costs or impacts?

Have you considered what a pass mark might look like (in terms of Revenue, Earnings and Cash flow for FY25)?

Maybe they can trade out of this but there's still a chance they'll need someone with deeper pockets to step in before this is genuinely turned around.