$122m net assetsBut including $98m intangibles.So $24m net...

$122m net assets
But including $98m intangibles.
So $24m net 'tangible' assets. That being after an equity raising of $22m before costs. So the acquisition really pushed the net assets toward 'intangible' (the value of the SocietyOne brand/scale/synergies) - not realisable in the short term, but more valuable in the medium term.
$75m of provisions already accounted for, on $1237m customer receivables = 6.06% provisions. If bad debts came in above 6.06% is when it would hurt.

They have been reducing personal lending receivables lately. I guess that is the higher risk portion. Allowing those to run off seems like a fair idea - the risk of bad debts coming in above provisions becomes less significant. But does it provide capital for reducing Corporate debt, or only improve the risk and ratios ($24m net tangible assets is more significant on a smaller loan book)? I guess 'incremental capital' mainly comes from the profits from interest revenue / reducing expenses, but not so much from 'running down' the receivables.

It looks to be on the right track, but the Capital Solution still requiring a lot of trust in management.

AFR mentioned MME. They say "Of the $75 million owed on a facility extended at its head company level, it needs to find $25 million by the first quarter of the 2024 financial year, with PEP expecting a deal to be announced by June." I think it could be $28m after interest. Possibly positive cashflow could provide $5-12m by June (if bad debts were in line with 1HY, and expenses weren't reduced further)?

I've emailed the company to suggest that a Jan/Feb market update about Debt Repayment could be useful.