SOL is more than a "Senior" Lender. It is a secured lender (Annual Report 2023 p 8 Debt & Equity Raising).
Senior debt is the debt with the first charge over the assets. It doesn't get more secured than that.The problem with the view in front is there is absolutely nothing that says the unit economics of these systems have changed. The brands have always been pretty weak; the business model was to sell franchises not whatever the stores were selling.
Look at SSS from almost a decade ago and remove Gloria Jeans which was bought in late 2014 so hadn't been RFGed yet. Now compare it to today. It's the same thing. Anaemic brands that just don't resonate. Go back and read some of those presentations the emphasis is almost singularly on network sales and revenue from franchisees, which as we know now was pretty shady. So why would the unit economics suddenly change?
FY15
HY2024
The problem with the view in front is there is absolutely...
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