Turn Around, page-41

None of this is much of a surprise. The banks are restricting growth so that capital coming back improves their senior position. The key thing is getting the mezz in place ( to please the banks), but then they have to raise an additional $20m of equity (to please the mezz provider) in order to start growing again.

Underlying profitability, in my view, isn't too bad, but I am getting sick of all the "one off" costs & impairments - I thought that had already been taken up. I'm also a bit perplexed as to why Group Overheads haven't been reduced yet, and more importantly why GoGetta is still making operating losses. Obviously, the book is running off, and they are getting back equity & paying down debt, but why is it a loss?? I thought all the provisions had been made to revenues already?

....this is all very frustrating - its a fundamentally good, profitable business- and it would be good to see insiders do some buying now at these levels.