Ann: Wisr Q1FY25 Market Update and Investor Call, page-4

I think you will find that the WZR share price is "following" the strong updates from two companies that are in the same / similar sectors (MME & PLT)

PLT now has a market cap of $139m, and MME now has a market cap of $116m (compared to just $45m market cap for WZR) - whereas from memory a year or two ago they used to have fairly similar market caps

It sounds like trading conditions are improving for these micro cap lenders - with:

Strong demand (particularly in the car finance area) - so originations / loan book sizes are back "on the up".
Getting better rates from their lenders (which helps margins), and within these new deals being able to include the cost of the sales commission in the upfront loan (which improves cash flows).
Decent NIM's - by increasing the interest rates on all new loans at the same time as achieving better interest rates from their lenders
Late or bad debts not increasing much (or even decreasing).

Now be interesting to see whether the WZR management team are focussed on building a real & profitable business - or if they are more focussed on receiving performance rights (there was 76.54 million WZR performance rights listed in the last annual report) & interested in how many share options etc they can issue to themselves

Hence at the last AGM, 53.38% of all votes were cast against the remuneration report - which resulted in the "first strike" for WZR management

At least now some of these large amount of LTI performance rights are linked to the share price of WZR.

But the share price "somehow magically" stayed above the 3.8 cent twenty day VWAP target earlier this year - for WZR Key Management Personel to be able to receive another huge amount of LTI performance rights for the period ending 30 June 2024.

And they only need to achieve a 20-day VWAP of 4.3 cents to achieve this years truck load of LTI Performance Rights (for year ended 30 June 2025) - all whilst retail shareholder have watched their investment go south for quite a few years now.

Sorry for a bit of a rant, but I own all 3 of these above mentioned micro cap lenders,

And I used to have the most faith in WZR - but the other two micro cap lenders appear to have "pulled ahead" by a fair margin now, and I feel that the management teams from these other two companies are much more aligned to building shareholder wealth

Hopefully WZR start to catch up soon - as they really need to start growing the size of their loan book again.