CCP - Credit Corp Group

[ROE]

Yup. And their CFO and CEO, as well as the ASX were made aware of the position on 1/9/09 and were invited to make an announcement to the market. They have chosen not to.

The folks and IMF & Clime no doubt base their claim on whether announcements to the market were made on time, if at all. It's all a bit deja vu.

Isnt this good enough disclosure in their report??? You trying to go on a personal mission to attack CCP without much credible new information...
all those information are in the market for the past 2 years....people know it's
there..it's exist..it's factor into the price....it's a free market.....

Any how the higher the price rise the worse it get for Clime law suit so
someone is trying to keep the price low...and the technical chart is a mighty bright for this stock
that will draw traders in ..stock goes back to the old day..law suit throw out..you havent lost any money you just make stupid decision and sell at a loss, live and learn in free market


On 23 December 2008 the Company advised that it had received a Statement of Claim (‘Statement’) from Clime Capital
Limited as the representative party for a group which has entered into litigation funding agreements with IMF (Australia)
Limited. The Statement contains allegations that from 7 November 2007 to 11 February 2008 the Company engaged in
misleading conduct by making certain representations for which it had no reasonable basis and breached its continuous
disclosure obligations in relation to certain matters regarding its profitability.

The Company maintains insurance that addresses this type of claim. Notwithstanding the existence of this insurance,
the Company is not insulated from all costs and damages which may arise from the claim. The directors have recorded
an accrual for shareholder litigation defence costs in the FY2009 accounts. No provision has been made for any potential award of damages against the Company.

 

[persistentone]

Isnt this good enough disclosure in their report??? You trying to go on a personal mission to attack CCP without much credible new information...
all those information are in the market for the past 2 years....people know it's
there..it's exist..it's factor into the price....it's a free market.....

Any how the higher the price rise the worse it get for Clime law suit so
someone is trying to keep the price low...and the technical chart is a mighty bright for this stock
that will draw traders in ..stock goes back to the old day..law suit throw out..you havent lost any money you just make stupid decision and sell at a loss, live and learn in free market


On 23 December 2008 the Company advised that it had received a Statement of Claim (‘Statement’) from Clime Capital
Limited as the representative party for a group which has entered into litigation funding agreements with IMF (Australia)
Limited. The Statement contains allegations that from 7 November 2007 to 11 February 2008 the Company engaged in
misleading conduct by making certain representations for which it had no reasonable basis and breached its continuous
disclosure obligations in relation to certain matters regarding its profitability.

The Company maintains insurance that addresses this type of claim. Notwithstanding the existence of this insurance,
the Company is not insulated from all costs and damages which may arise from the claim. The directors have recorded
an accrual for shareholder litigation defence costs in the FY2009 accounts. No provision has been made for any potential award of damages against the Company.

Who cares about the Clime lawsuit? That's obviously a nuisance suit.

I'm more concerned about the licensing issue and what effect could this have on revenue already received. How much of that revenue could be claimed back by a payor since it might not have been legally collected? That is the issue I want to see addressed by a press release. Clime's suit is non-news.

 

[bluecheese101]

This is just a thought, but looking at the dates that CCP was apparently unlicenced - May 2006 to July 2009 - could it be possible that the recently sold Wise McGrath could have had the licence during that time? And therefore, it would appear that there was no licence given directly to CCP? I know that was almost exactly the same period of time that CCP owned WM

 

[ROE]

This is just a thought, but looking at the dates that CCP was apparently unlicenced - May 2006 to July 2009 - could it be possible that the recently sold Wise McGrath could have had the licence during that time? And therefore, it would appear that there was no licence given directly to CCP? I know that was almost exactly the same period of time that CCP owned WM

Ask ASX, ask CCP, ask the police, ask from a real source rather than believe in some dubious website..and if you still scare sell the stocks
dont lose sleep over some crazy rumors.

with the knowledge I know about IT....I can point out 100 flaws in that site.
case dismissed

 

[ROE]

Who cares about the Clime lawsuit? That's obviously a nuisance suit.

I'm more concerned about the licensing issue and what effect could this have on revenue already received. How much of that revenue could be claimed back by a payor since it might not have been legally collected? That is the issue I want to see addressed by a press release. Clime's suit is non-news.

I want to point out the guys is a fraud, he tried to pin CCP for not releasing information about Clime lawsuit and obviously he did know they been keeping the market fully inform about the lawsuit.

If you worry why don't you just make a few phone call, for me it's a non-event...mean while the stock keep going to the North Pole

 

[bluecheese101]

ROE, i actually emailed CCP - Thomas Beregi - the other day and asked him myself about the matter This is what he replied back to me:


Thank you for your continued interest in the company.

The material you have identified has been brought to our attention. We do not believe that any statement by the company is warranted or required in relation to the material.

We can advise you that it is our position that all companies within the Credit Corp consolidated group have been appropriately licensed for the activities they have undertaken and continue to undertake. Further, we are not aware of any enforcement action in relation to licensing by any regulator against a group company.

I hope that your concerns have been allayed.

Regards

Thomas Beregi
Chief Executive Officer

 

[persistentone]

Is there any news for CreditCorp associated with today's share price rise? I didn't see any ASX release.

 

[skyQuake]

Is there any news for CreditCorp associated with today's share price rise? I didn't see any ASX release.

Solid breakout above the $2 area, been there for ages nowww. Just might fill the gap aboveeeeeeeeeeeeeeee

 

[ROE]

Is there any news for CreditCorp associated with today's share price rise? I didn't see any ASX release.

Postive Article in today AFR by Wilson HTM said Credit Corp
the best in the business, the most efficient and make lot of money
and they say it's still under value

 

[tonza]

CCP has had a good breakout recently to close at $2.26 today. The sellers have almost completely disappeared. Is it possible to get a copy of the AFR article online?

 

[ROE]

CCP has had a good breakout recently to close at $2.26 today. The sellers have almost completely disappeared. Is it possible to get a copy of the AFR article online?

Here is the first half of the article, If I have time I scan for you..

"Page 32 of AFR Wednesday 30th September 2009

Title: Efficiency Pays off for Debt Buyer

Australia's largest debt buyer, Credit Corp is liked by analyst for its strong operational discipline,
so much so that they argue that the stock is undervalue despite a recent rally.

The company buys overdue personal loan and credit card debt from lenders and collect these, profiting
the difference in price.

At its results in August management said it would buy more debt ledgers after extending
its 120 million coporate debt facility until mid 2012.

Debt collector fare best in a stable economic condition, when house hold debts are high
but unemployment is not an issue.

while many companies cut dividend this reporting season
Credit Corp maintained its final dividend at 2 cents after it lift ned underlying profit by 30 percent
to $10.7 million for the year to June 30.

The solid performance was attributed to more efficient debt collection methods and the company gave profit guidance of $11 million to $13 million for coming year. It forecast earning per share of 25 to 29 cents plus a dividend of 5 to 6 cents per share."

 

[persistentone]

Here is the first half of the article, If I have time I scan for you..

"Page 32 of AFR Wednesday 30th September 2009

Title: Efficiency Pays off for Debt Buyer

Australia's largest debt buyer, Credit Corp is liked by analyst for its strong operational discipline,
so much so that they argue that the stock is undervalue despite a recent rally.

The company buys overdue personal loan and credit card debt from lenders and collect these, profiting
the difference in price.

At its results in August management said it would buy more debt ledgers after extending
its 120 million coporate debt facility until mid 2012.

Debt collector fare best in a stable economic condition, when house hold debts are high
but unemployment is not an issue.

while many companies cut dividend this reporting season
Credit Corp maintained its final dividend at 2 cents after it lift ned underlying profit by 30 percent
to $10.7 million for the year to June 30.

The solid performance was attributed to more efficient debt collection methods and the company gave profit guidance of $11 million to $13 million for coming year. It forecast earning per share of 25 to 29 cents plus a dividend of 5 to 6 cents per share."

That article sounds low on analysis and heavy on ramping. They don't even identify the analyst by name, or make any attempt to summarize the consensus rating or estimates.

And it looks like it worked!

 

[persistentone]

What do others make of the fact that Fisher Funds has been actively selling its holdings into the current CCP rally? They sold 450K shares across dates August 4, August 14, Sept 8, and Sep 30.

What is the best source to find out the total holdings of each major institutional holder?

 

[bigdog]

What is the best source to find out the total holdings of each major institutional holder?

http://www.creditcorp.com.au/irm/Company/ShowPage.aspx?CPID=1071

SHAREHOLDING
The following details of shareholders of Credit Corp Group Limited have been taken from the Share Register on 31 August 2008.
Group_____#SH_ Shares_ Tot%
(1–1,000) - 1,466 828,910 1.89%
(1,001–5,000) - 1,441 3,814,460 8.72%
(5,001–10,000) - 388 3,095,776 7.07%
(10,001–100,000) - 378 11,086,335 25.33%
(100,001 and over) - 51 24,942,490 56.99%
Total shareholders 3,724 Tot Shares 43,767,971 100.00%

Total of top 20 largest shareholders as at 31 August 2008 19,514,400 shares 44.59%
Name__________________ShareHeld %Issued Share
RBC Dexia Investor Services 4,615,745 10.55%
Aust Executor Trustees NSW Ltd 2,874,631 6.57%
Veduta Estates Pty Ltd 2,160,014 4.94%
ANZ Nominees Limited 1,454,898 3.33%
Dixon Trust Pty Limited 1,104,738 2.52%
Invia Custodian Pty Limited 1,017,082 2.32%
Citicorp Nominees Pty Limited 638,458 1.46%
Mr Brook Anthony Adcock 605,174 1.38%
J P Morgan Nominees Australia 578,651 1.32%
Warman Investments Pty Ltd 550,000 1.26%
Merrill Lynch (Australia) 532,000 1.22%
A & K Mercantile Prov Fund 503,382 1.15%
Darrell James Pty Ltd 500,000 1.14%
Montage Capital Pty Limited 500,000 1.14%
Washington H Soul Pattinson & Company Ltd 358,039 0.82%
HGL Group Pty Ltd 341,469 0.78%
DKR Direct 334,347 0.76%
Vahivi Pty Ltd 313,139 0.72%
HSBC Custody Nominees 268,869 0.61%
Bradleys Polaris Pty Ltd 263,764 0.60%

Total ordinary shares as at 31 August 2008 43,767,971 100.00%

 

[ROE]

That article sounds low on analysis and heavy on ramping. They don't even identify the analyst by name, or make any attempt to summarize the consensus rating or estimates.

And it looks like it worked!

They do if you spend $3 and buy the paper and read the whole article instead of half article..

They not only name 1 but 3 names from three different firms

If you care enough you can source the information you need

 

[persistentone]

They do if you spend $3 and buy the paper and read the whole article instead of half article..

They not only name 1 but 3 names from three different firms

If you care enough you can source the information you need

I tried to sign up for afr a week ago and unfortunately I am in US and my credit card company refused to run a charge in Australia because of problems they have had there with theft. I do plan on getting the subscription as soon as I get a new card.

 

[ROE]

Here is the CCP Article, it's a B**tch to scan as it's a thin article going down
the side of a page so I have to split into 2 to fit my scanner...here is page 1

 

[ROE]

Here is the CCP Article, it's a B**tch to scan as it's a thin article going down
the side of a page so I have to split into 2 to fit my scanner...

And Page 2 I have to repeat the wording to meet minimum 100 char stuff

 

[bigdog]

The CP share price has been improving; check the chart below!!

http://www.thesheet.com/nl06_news_selected.php?act=2&selkey=9134

Credit Corp back buying debt
11 November 2009 6:41am
Consumer credit arrears in the banking system may be improving, but one of the specialist debt collectors helping out banks expects its profits to rise by more than forecast this year as it picks up more work.

Credit Corp CEO Thomas Beregi told its annual meeting yesterday that the firm upgraded its forecast for EBITDA for the 2010 financial year to between $94 million and $98 million, and a rise of $6 million at each end of the range.

Beregi said the firm was expecting a net profit of between $12 million to $13.5 million, up by $1 million at the low end and by half a million at the high end.

In remarks published through the ASX, Beregi, and the company’s chair, Donald McLay, emphasised the unused borrowing capacity available and their plans to work more closely with bank and other customers to pursue overdue debts.

The plan to buy more debt outright (rather than collecting it on an agency basis) was one reason for Credit Corp’s intention to pay out only 20 per cent of profits as dividends, McLay said.

“We believe that we are operating in a relatively positive [debt] purchasing environment and we are deliberately preserving our capital to facilitate increased purchasing at favourable returns,” McLay said.

7695

 

[ROE]

It has unrival business model, I said they are the pioneer in developing these models

and pioneer stands to benefit long before their rivals catch up

they had a bad run in recent history due to stupid decision made by management but
not because of their business model

they got rid of those incompetent management now the business model shine

If the fundamental business model is intact you be crazy not to buy the stock when it trades at historic low