After reflecting myself, I suspect the market also reflected on the factoring level going from 1953m to 1995m over the six months. You have to think about when CIM started factoring heavily, and how much of the op cash flow conversion to EBITDA was artificial and not disclosed (as far as I could tell) over the last x years. They were carrying on about this cash conversion in the presentations etc without disclosing how it was done, which is possibly fodder for another class action as well. So now if the factoring tank is very full, will it start to impact dividends very soon?
