Ceased Coverage on FlexiGroup

As foreshadowed in our note on April 2, 2020, we cease coverage on FlexiGroup. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest. There are several near-term headwinds, mainly the coronavirus outbreak which is likely to restrain discretionary spending, weigh on revenue growth and increase the prospects of defaults and impairments. Signs of tightening liquidity could lead to higher finance costs or an inability to obtain financing for growth. There is currently a high level of uncertainty as it implements a transformation of the business in the face of subdued retail spending growth and increasing competition in its key buy now, pay later and credit card segments.