Ann: Company Update and Appendix 4C, page-3

@Bustus I have had to reply on this thread as I was unable to reply to your post for some tech reason. The first comment I would make is that impairments are not writeoffs. Impairments in the case of PDLs are an adjustment to the carrying value of the PDL portfolio as a whole generally due to a need to change modelling or anticipated shortfalls in liquidations over a period of time whereas writeoffs are the decision to discontinue actioning specific contracts for payments due to all sorts of reasons such as health, debtor going to prison, debtor skipping without trace.Impairments are not specific and can be reduced if the event causing the impairment softens or is eliminated. So in the case of impairments - yes they may be related to the timing or reduction in payments or both. I was unable to detect anything in the recent announcement relating to any anticipated percentage of impairment and I thought this should have been included. However they did point out that the figures did not take account of expected effects of Covid19. They also confirmed that payments were being reduced, interest deferred and holidays were being allowed all of which point to some impairment of the value stated. What ever the figures are the one saving grace for holders is the fact that they were able to cover the conditions precedent to the continuation of the standstill agreement with Carlyle.