Ann: 1H24 Results Investor Presentation, page-19

Thanks danbradster for you detailed analysis.The cash flow will not be enough to pay down the corporate debt in 1.5 years without constraining growth. Maybe get it down to $35m. The fundamental problem remains is that they don't have enough equity/cash to fund any serious growth in the loan book. I still think that consolidation needs to happen in this sector to get a genuine champion who can take on the big banks. It still remains cheap and would be worth around 15c in a less constrained interest environment