I think the key takeouts from a great discussion by both posters...

I think the key takeouts from a great discussion by both posters are:

1. PDL margins are lower but not unexpected in a debt cycle. I also think that is why they state they are looking to return to positive cash flow. I think its wise not to be chasing more PDL than you can handle and think its exactly the correct response to avoid the disaster of some years ago.

2. From my understanding its actually the asset they have - great data on poor payers that has allowed them to manage the lending book. From what I gained in a phone call to them was that they are so far removed from payday loans as you can get. They are really into supplying bad paying customers who they understand and can get money out of. In fact they are probably building another asset as they will know more and more customers who will ultimately pay you as opposed to those that have no intention to pay you.

3. The debt levels are too high for my liking and in some ways it concerns me because of the USA - if the playground becomes fertile and profitable - how do we fund that ? I would like to see a rights issue to put another 10% into the equity pool. I like the dividend flow and with good cash management its well worth it.

I don't understand the price drop unless there is a CR or placement ...