Page 33 shows the additional drawn and a further undrawn but...

Page 33 shows the additional drawn and a further undrawn but it's a summary. The true picture is in page 37 is in the Appendix 3E and FY20 Annual report. I do read the presentation but for me the devils always in the detail for the appendices.

They are very low ultilisation rates and if i was the senior funder, i wouldn't be too happy with that unless i was getting a juciy unused line fee that was in there pre-covid/ central bank rate cuts. Some of those are as high as 2% in facilities I have seen.

I do like they repaid the $50m unsecured notes though. They were issued at 7.5% back in 2017, so that's some good capital management there refi'ing at a lower rate or equity I would hazard a guess.

I mean if they can fully ultilise the warehouses better, they would get more bang for their buck (capital efficiency) which would equate to better profits.