Well, we always knew there would be pain and the extent of it is...

Well, we always knew there would be pain and the extent of it is now becoming more obvious. August is not far away to get a fuller picture. There was no reference to a dividend and so will have to wait and see.

They are paying Ernst & Young to review their vehicle contracts and so you cannot expect any assessment of exposure to the ASIC threat until that is complete and even then, they will want to review the contracts with ASIC first. I do not expect any further details until the annual results are released as per the comment in the update that "There are a number of areas being resolved that will impact our FY18 statutory result scheduled to be released to the ASX late August 2018. This includes finalisation of our discussions with ASIC."

Of concern is the decline in the hospitality segment.
▪ revenue shortfalls from rental contracts;
▪ increased impairments on rental arrears and suspended assets, driven by the Company’s decision to increase provisioning to a level that is optimal for ongoing management;
and
▪ additional finance costs associated with the recent bank restructure.

This is core business and so I hope that the Y19 forecasts of new business are achieved. I would like to see the breakdown in $ terms for each of the shortfall areas defined above.
There is still uncertainty left by the update as to the final results and that plus the negatives identified have led to the 15%+ drop this morning. I think the drop is likely to go further - we have not yet reached the low of $3.14 set in March.