It's the branch network & it's sustainability after SACC which...

It's the branch network & it's sustainability after SACC which is my concern.
I just get the impression they'd rather just do secured auto loans & that's it, & i can't see how the branch network fits in with that.

So i can see it going one of three ways
a) a big one off restructuring cost providing for the shutdown of most of the branch network & online business with the outstanding loan book sold off to a debt collector such as CCP
b) a sale of the online business / majority of branch network with loan book as ongoing concern & a smaller restructuring provision.
c) mixture of a & b, online business sold off & majority of branch network shutdown with debt sold off.

As they're still actively promoting the online business despite the SACC business declining I'd discount option a & with the anti SACC environment / senate inquiry b seems less likely unless they're waiting for the SI outcome.

So i'd see this year's results being very heavily impacted by writedowns for rental leases, terminations & goodwill write offs but next year all depends on the legacy cost base which could vary massively depending on the outcome of the cessation of SACC. The cost base IMO is a far bigger variable than how big the loan book is etc.

Time will tell but I'm not exoecting to hear anything until Q4.