I continue to hope that PGL will do better, but beneath all the...

I continue to hope that PGL will do better, but beneath all the company's spin is a sick business and an underperforming share price that is the worst in my portfolio by some margin

* Massive repricing (down) of the loan book yield - down 9.9% (offset by a funding costs benefit of 1.8%)
* GSA cost are still high at $38.0m for a business not growing (though to be fair run-rate costs should be a lot lower in FY21 given recent cost out progamme)
* JobKeeper benefit of $1.4m + Government (AOFM) Loan Programme are all free kick benefits
* Loan receivables include $41.4 million allowance for expectedcredit losses (2019: $24.5 million) - no idea whether they have adequately provided for likely NPLs.. Hope so. Looks conservative relative to recent write offs and deferral loans
* 2019 half yearly cohorts loss rates look much better on a comparable basis

At least there is still some good funding lines in place and liquidity position with $55.3million of unrestricted cash