Taking a bite at SFH, page-8

In prior periods the debt facility was drawn down in the second half to repay Christmas creditors whilst leaving cash relatively unchanged. Cash can be drawn to fund the same creditor reduction and more in current half, whilst allowing sufficient combined cash and undrawn debt facilities at 30 June.

Further, there is a small positive, yet not to be ignored, benefit of shutting some 100 unprofitable stores between the two balance dates; your stock hungry working capital needs reduce and ... you don’t lose money in the second half anymore!

Focus for the short term is offers submitted to Luminus and Board review of them:

8+ times 2019 ebitda

Shareholders have funded store closures, poor product selection in previous years, Prestons facility contract arrangements and related transition disruptions, City Chic US store write offs, head office and store level redundancies, investments in new COO and CEO hires, e commerce software spend and tens of millions turning Rivers around.

Why hand it to Noni B and the architect of where it got to for a song?