Ann: Change in substantial holding, page-10

AC agree with you on M & A. The Chairman holds about 30% of FXL and if he does not want to sell there is no chance of a takeover.

With Rebecca James demonstrating early success I would imagine that the Chairman has a future share price in mind that starts with a 4

This virus will lead to rationalisation in BNPL and it really will be survival of the fittest. At least we know FXL was profitable and well funded before Covid-19 took off. We cannot say the same for many other competitors. Therefore it will be fascinating and instructive to see how this sector plays out. I note today that PMV has shut all of its stores for a month and Lovisa has shut the remainder of its stores until further notice.

I reckon when the world is ready for business to resume, that anything to do with saving money will take off and hence solar panel installations will boom. I also think people will celebrate getting their jobs back or getting back to their jobs with a present for self and that might be something largish that would be suited to many of the FXL BNPL payment methods.