In the AFR last week there was the first indication that the PEP...

In the AFR last week there was the first indication that the PEP / Balbec scheme may have had a part to play in the write down.

Mr McAlpine said past offloading of debt ledgers had been related to problems with Collection House’s capital structure. “If we can fix the company's capital structure through the recapitalisation process, effectively, that would negate the need for us to be selling portions of [debt ledgers] at the magnitude we have been in the past,” he said.

So why was none of this disclosed in the presentation to shareholders?