Ann: 4Q24 Trading Update - Growth and strong loan performance, page-28

Hi Dan

You make several comments about covenant metrics. Are you referring to specific MME covenants (which you are aware of), or indeed any such figures that have been disclosed?

I can’t find any references to covenants in this latest update, or indeed in any MME report except as far back as the 2023 AR (which mentioned them only once, on P60, saying, fortunately, that MME was fully complaint).

I agree that this is extremely important (especially regarding the use of unrestricted cash and hence risk of a raising, or not), but I can’t find any reference to covenants in MME docs. Would be grateful if you can identify any such refs from MME.

(I note that HUM do not disclose their covenants, and I suspect many/most peers do not either. TGA did, when it breached a covenant on bad debt levels during Covid, but that was extremely significant as the lenders were very nervous and used that breach to put TGA’s securitisation into run off.)

Thanks Richard