I probably would have bought back in on the results expect for what I read in Section 6. Receiver appointed to a customer of the finance division. Amount owed $440k which will be recoverable through asset sales, insurance and an agreement with directors to underwrite any shortfall.
It's not sustainable to have the directors underwrite a loss. Any losses need to go through the P&L as they are a normal part of lending money. So my initial view is they are propping up NPAT by under-provisioning
CGR Price at posting:
21.0¢ Sentiment: None Disclosure: Not Held
