AutoPay was changed to 'Uncommitted', so shows 0 undrawn balance now instead of $131m, but 'Total Facility Size' remains unchanged, which might mean the Undrawn is still there, just invisible, unless I miss-understand what 'Total Facility Size' means. 'Uncommitted' could be fine and cheaper, or it could be an opportunity for 'deceptive wording'.
Then 3 other Term Facilities show lower Balances, due to 'Amortisation of the receivables held'. It seems like those facilities cannot be re-filled with new loans as others run off. So MME Horizon 2020 became more full, while these other facilities gradually reduced in size.
I guess in the case of Term Facilities, they become lower over time, so you need to make agreements for new ones, before they show up again in the borrowing limits. So we have to wait and see whether new facilities pop up to replace the amortisation of the existing Term Facilities.
Your point 4: the $6m ECL overlay. The overlay was told to me to be more representative of the full FY last year, so the $9m and $3m NPAT HYs last year were more realistically $6m and $6m. So I'd not think of last half as $3m and adjust for $6m overlay. I'd call it more like $6m underlying last HY, then $6m this HY too. Though with different contributing factors: lower revenue and lower impairments this HY.
MME Price at posting:
8.5¢ Sentiment: Buy Disclosure: Held
