The narrative we were given previously was that as the warehouse is drawn down the cost of funding reduces, $4m in total I believe the full cost saving was quoted by the CFO when fully drawn. This reduction in funding was supposed to offset any interest rate rises so that the net impact wasn't significant. So how come that's no longer the case? Rates haven't risen that much from Feb to Jul to account for a 50% drop in PAT on a flat EBITDA.
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