Feels like these guys are ghosting shareholders:
NIM of 11% is down on 13% then 12% previously quoted (and much less then the 14% previously cited by Brokers as a key attribute of the MME investment case).
Warehouse financing being extended in a series of short term extensions and saying that is "as planned". Well that's news to me, they were previously heralding 3 year deals, now they are saying less than 12 month rollover with no detail is a plan - really, pull the other one.
The announcement is not bad, and in some parts are actually encouraging.
I wish they stop with spivy sh**t and report more transparently as opposed to making out every measure is hunky dory, or changing the measure altogether.
Ann: 1Q24 Trading Update - Strong Revenue and Lower Losses, page-7
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