Hopefully they want to remove some debt. If you strip out intangible assets then their balance sheet is about a negative 380M. Questionable as to whether their intangibles are worth 2.4B but TBH i havnt looked that closely. 780M borrowings seems high if the intangibles are not really worth 2.4B. I appreciate that they are trying to simplify the business - but the risk with cashing up is that they go on another buying spree to artificially pump the share price again. Also unsure whether the UNPAT v NPAT is a fair comparison. They seem to always have a huge difference. How many one offs can there be? I can understand the low multiple. Any thoughts appreciated.
Ann: Insignia Financial FY24 Results Announcement, page-27
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