I doubt very much than anything else but OpyPro will receive a bid. The brand value of the BNPL offering will disappear very fast in a very competitive market. That hit is only worth whatever will be recovered out of the funding facility plus any cash in the bank, minus the receivers fees. Given 85% LVR the receivables should be about $100mio and one could hope they can recover $15mio after repaying GCI+Fortress. Highly dependent on the behaviour of clients and whether they’ll cooperate in repaying their debt. With $17mio cash, there should be some excess after repayment of the $26.5 drawn from the working capital facilities. Though they still have to not 1/3 of their workforce. If they get $5mio for OpyPro in the current context they should be happy. Max $10mio value in total to be recovered I think.
OPY Price at posting:
19.5¢ Sentiment: Hold Disclosure: Held