I have no angle and I'm not making any of those numbers up. They...

I have no angle and I'm not making any of those numbers up. They are all collated from public information. I post them here only to ask if I am missing something!

AYS has never had any debt since IPO. But the vast majority of the $207m raised was used to pay the vendors ($194.2m). Leaving Amaysim with not much cash in the bank.

That wasn't a problem if Amaysim had simply continued operating as is. For FY15 they generated $18m in free cash. But they went and bought Vaya which requires total outgoing cash of $55m.

Borrowing a small amount like $5-10m is not a big deal. In theory Amaysim could pay that off within a year or two.

The risk is that all of this assumes business as usual and the market is very competitive right now so there's not a lot of predictability.