I tend to think BNPL was a sideshow.
They wanted the cards customers as a baseline cashflow to leverage in addition to the customer base of BNPL.
It was not just a split board in my opinion. Board members ex AA were actively planning and orchestrating a takeover via a third party .....LFS. They may as well have been sitting in the LFS boardroom.
This was not in the interests of existing shareholders as demonstrated by the vehement objections from shareholders.
A Class Action would have significant merit and should be tested. The whole episode has cost shareholders with the enduring share price reflecting this.
Wylie and Christian deserve to be investigated.....as well as any participation in pre and post acquisition stock lending to short selling operators.
Is a Class Action against former board warranted?, page-8
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