Ann: WNB September 2020 Appendix 4C & Commentary, page-19

Balance sheet is too weak.
They have had their chance and have shown they cant turn a profit- the H/S stuff was clever and thankfully got me out (most of my holding).
The capital structure is the problem here.

The debtor finance line keeps cash coming in the door but its not sustainable long term- too expensive and really is just debt for businessess with crappy balnace sheets.

i feel sorry for the CEO, GBC is a good little business, its the dog of TFG that came with the merger that has killed this.


in all honestly for someone held for a long time.. im worried that this will go borke.
There wont be another raise - would you tip more in?