I have said for a long time that they are short of capital and...

I have said for a long time that they are short of capital and cannot afford the costs of tipping in more security deposits for their loan book (restricted cash increased 86.9% from $124 mil to $231.7 mil from 2023 to 2024), or the risk of increased arrears and writeoffs (provisions rose by 168% 2023 - 2024), whereas receivables fell from $2.596.8 bil in June 2023 to $2.398.6 bil in June 2024.

If they want to expand sharply, where will the capital come from? They had more cash at 30 June 2024 then they did in June 2023, so they were cashflow positive, but of the $353 mil in 2024, $231.7 mil was restricted, leaving only $122 mil unrestricted, against $151 mil unrestricted the previous year. They went backwards in liquidity and before anybody remarks about the corporate debt and the capital raised to retire it, they raised every last cent to do it and contributed nothing, so the only variance this year with be the cost of interest, which is more than ably already overtaken by the cost of refinancing corporate

Those are some of the things which prevent expansion. We'll see soon if I am right or wrong. IMO they are restricted from growing without a capital injection, merger or takeover.

Happy to hear from anybody who disagrees