Equity - increased, good.Covenants/ratios - improved.Shares on...

Equity - increased, good.
Covenants/ratios - improved.
Shares on issue - higher, not good, but necessary.
Short Term Debt - Gone (after the funds come available from the placement). Combined PEP (short-term and regular) down from $78m to <$50m, and IR from 17%+ down to 15%+. Still needs improvement.
Profit - apparently high for prior HY, and Jan-Feb. Quite high relative to the remaining $50m that would be due to PEP. I'd still like to see more quarters of profit though, to prove that it's not unsustainable cost cutting.
Bad Debts - seem fine, but I'm not understanding the metrics 100%. I think it's <6% net write-offs, versus 13% NIM (reasonable ratio), and versus 6.1% covenants.
Scale - down from peak. Negative on 'trading multiple' terms or versus fixed costs, but positive on a risk and covenants perspective.
Synergies - I think they're working out.

- Uncertain whether in a stronger/weaker position than pre-acquisition (ratios got screwed up, high dilution, but apparently strong synergies delivering).
- Obviously in a stronger position than 1 month ago.
- Also looks like the SPP it on track to deliver $5m+. But that is 1-2 months away.
- PEP needs more paying down though. IR will still be >15% on $50m. I think it could be $30-40m by June if they focus funds towards it.