RTO

No forward-work, forward guidance, or stated revenue/earnings targets were provided in the extracts, so the result cannot be benchmarked against management ambition. The only shape signal available is the interim comparison, which shows the year was heavily first-half weighted (H1 accounted for 86.1% of full-year revenue). On that basis the release does not support any view of a stabilising revenue base; it supports the opposite, that the income-producing assets were substantially gone by period-end.

• What exactly drove the NZ$382.3m reported loss — impairments, fair-value adjustments on the borrowing book, or operating losses? No non-recurring items are disclosed in the extracts.
• What is the composition and recoverability of the remaining NZ$1.2b of assets against NZ$985.5m of borrowings, and are any covenants or maturity concentrations attached?
• On what terms and timeline is the flagged reverse takeover / capitalisation expected to proceed, and what does it imply for existing holders' equity (currently NZ$231.0m)?
• Is there any residual revenue-generating activity at all after the NZ$5.5m H2 run rate, or is the entity effectively a cash/debt shell?

This briefing cannot assess solvency, the nature of the underlying loss drivers, or the structure and dilution of the prospective reverse takeover, because none of those items are disclosed in the supplied extracts.