Ann: Thorney Presentation 2018, page-5

I appreciate the condensed financial data there and it's a good point, that is a good number relative to previous cash outflow (velocity of new lending). However, at the current run rate it would take well over 2 years to lend out that cash and given the incremental nature of new earnings from the capital, it seems like growth is going to be more moderate at this stage. 36m a year (plus retained earnings reducing need for debt funding along the way) and we're looking at 10-15% growth of the loan book, which is good not amazing after another few millions employee options are exercised on an share base of 180m now, 186m total with those outstanding options from memory. Am I on the right track here, have to be honest the cash flow from operations then new money loaned out can be a bit confusing because it's circular?