I am not an accountant, but reading the June Appendix 4C more...

I am not an accountant, but reading the June Appendix 4C more closely raises some questions:
-Q4 was disappointing from a trading perspective (poor Mothers Day etc) but apparently it generated more cash than the rest of the year, with a positive inflow of $57m. My understanding is that the net cash from operations reflects cash received less cash spent, so it is only meaningful in the context of whether all obligations have been met when they fall due. Keep an eye on the level of payables when they report;
-line 3.9 should be described, but isn't. Probably lease payments.
-payment to acquire balance of Ezibuy should have been disclosed at section 6;
-section 8 notes are unnecessary in view of positive cash flow, according to my reading.
-deferral of cash interest on notes would suggest that funding is tight and the bank isn't happy.
Hard to find a reason to invest, particularly in view of the projected dilution from the conversion of the notes.