Ann: Trading Update, page-5

I would agree; it seems no significant bump in the quarter itself from the Tyro issue, but nevertheless, decent growth in terms of both terminals in Australia as well as revenues.

By my calcs, 2H21 is PBT positive (revenues ~19m, EBITDA of ~8m, PBT of ~3m) and so is FY21 if you exclude the impact of the FV adjustment for the convertible notes.

On the negative side, (if I have read it correctly) they extended the convertible note maturity for another 18 mths in Mar2020, but with interest capitalised at the same 25c price even though in Mar/Apr 20 the share price was ~45c. That seems quite generous to those bond holders (well much more than the interest rate reduction).

Also if I have done the calcs correctly, we expect to see another ~9m FV adjustment on the value of these convertible notes pass thru the pnl (90c share price currently, less 60c share price in Sept20 *~30m shares). Anyway, it would be good to get these notes converted so they don't distort the financials (albeit at a decent dilution!)