Ouch, page-33

as at 31 Dec 22, they had $1,240,802 in readily tangible assets (cash $79.5m + receivables of $1.161bn) yet had debt drawn of $1,235,445 giving them a surplus of $5,357 which is very scary. Heading into a what could turn out to be a nasty downturn, bad debts will probably climb further than their projections which means they will have negative tangible assets.

So who gets paid out first?, unfortunately for PEP they rank behind all the wharehouses and trusts which means given the above negative TTA, they have no real security other than intangibles so they are running shite scared. As PEP is not a bank and not really concerned about public reputation (except to their own shareholders) I think they would be happy cut their losses and put them into admin if the cap raise does not occur as promised. Which means shareholders will lose everything.