Ann: 4Q24 Trading Update - Growth and strong loan performance, page-20

the balance sheet is important particularly when they are looking to renew/renegotiate/take out new warehouse or debt facilities (or syndicate the loans) and certainly investors would have covenants, but I think balance sheet would not be a metric that retail investors pay a lot of attention to (although for a company such as this, going into the societyone purchase, it would have served us well).

my sense is that the bulk of shareholders (which are now retail investors) are focused on topline growth and profitability, and the company is just too small to get any attention from major investors.......so slow but steady improvement is probably going to be what is needed, but at some stage a value focused fund will notice (if the improvement continues) and it may at that point get more traction