Bad Debts > 15%
Can't Make a profit on 1bn of OP CF
Asset base not large enough to support loan book of that size
International Expansion Plans not a good idea when they havent bedded down home market or become profitable
International expansion is also ideal to mitigate single market risk, should the Australian customer base shrink due to increased lending requirements.
These stocks will be used as funding sources for the latitude IPO - also its probably been 2 years since listing so id check the vesting conditions of the seed/founding shareholders and promoter shares