Ann: FY23 Full Year Results Announcement, page-4

Good work. And yes, you see this increase in full book provision at end of FY across many lenders. Your interpretation of $6+$6mio is fair I think. On the debt side, I am of 2 minds. As stated before, if they can resume growth, then this financing is not bad leverage. Having said that, there is a question of right-sizing that leverage. Plenti and Wisr have $25mio for comparable loan book size. So it looks like they are the outlier. My guess is that they first need to demonstrate they can resume growth, at current settings and leverage. If they do, the SP will improve substantially. They can then do another CR to deleverage. The alternative is what you have been suggesting, use the net income to repay debt/reduce leverage. Curious to see which path they choose.