This is good reading. Looks like the Finance arrangement for the securitisation is only for SACC and not MACC. This explains why they are using existing cash balances to grow MACC as they migrate away from SACC. They are negotiating with the Finance Co to amend the agreement to included MACC. This is why they are not paying a div inspite of good profits, positive cashflow and strong Balance Sheet. Hopefully Divs are on the way once the agreement is finalised.
Ann: Full Year Statutory Accounts, page-3
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