Yes, in hindsight it was a drain. There appears to have been a reason why the debt warehouse utilisation stalled at the volume that it did. Perhaps that was to do with issues from the funder or the internal lending policies imposed by the funder for industry concentration risk and/or the funder not approving certain clients. I guess we'll never know. However, it was interesting that Spenda was getting people signed up to Airplus facilities when the DW was underutilised, so it looks like the issue with growth wasn't only to do with Spenda's capacity to 'sell' the facilities.
Floate never owned Invigo mate, hence no shareholder approval required for a related party transaction when it was acquired. Pretty sure the owners of Invigo, at least the main ones, came on as employees of CRO/SPX post the deal and were the ones running the DW lending.
SPX Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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