Ann: Change in substantial holding, page-8

Sure, depends on how you look at it. But from page 8 of the Q3 FY22 Activities Update under the heading Cashflows it does say they have an aggregate cash balance of 32.3mln comprising of the 18.7mln you mentioned and 13.6mln of funds owed by payment processing providers which settled just after the 31st Dec

Additionally, the CFO was asked about this on the earnings call and it occurred simply because of the public holidays during the last week of the year and therefore were processed at the beginning of the new year. A timing mismatch of sorts as described by the CFO.

On the point regarding growing the loan book, yes the goal is to grow it constantly, however, the December quarter is traditionally very large when compared to other quarters as it has both black Friday style sales periods as well as Christmas. The key is growing versus the same period as the previous year. The point that they need more capital to fund a larger loan book over the long term is correct.

There are a lot of good points from the bear thesis and pretty justifiable. My point is I believe they have more time than the market is giving them credit for. Time that they need to use wisely to either improve profitability or some kind of M&A/Strategic partnership

The SP is incredibly frustrating and it really doesn't instil confidence. Shareholders have every right to be disapointed, that's for sure