Equity went down by 21%. Some of it is for expected future impairment expenses (as a result of increasing the loan book, this is a requirement) but there was a $14.3m write down from basically taking SocietyOne's accounting up to today's standards, which I'd expect the management would have known about earlier but chose now to admit it.
They really tried hard to make the investor presentation results look pretty
MME Price at posting:
16.5¢ Sentiment: Hold Disclosure: Held
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