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CCP, CREDIT CORP GROUP LIMITED
blacksheep
post Posted: Oct 17 2018, 06:47 PM
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In Reply To: blacksheep's post @ Jun 29 2018, 03:16 PM

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All very quiet on the CCP/Checkmate front


Seems Checkmate Research has caught up with today's news - https://twitter.com/checkmateresea1 - wonder if they are still short or whether they had cover in July (see chart)

QUOTE
Afterpay was not the only company to lose ground on the share market — shares in Credit Corp, which buys and collects debt, tumbled close to 9 per cent lower, while shares in lender Money3 fell nearly 14 per cent.

https://www.abc.net.au/news/2018-10-17/afte...-fears/10387982

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 31 2018, 02:20 PM
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In Reply To: blacksheep's post @ Jul 31 2018, 12:01 AM

SP @ $20.427 currently up 6.91% following release of Quarterly Update

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 31 2018, 12:01 AM
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In Reply To: blacksheep's post @ Jun 29 2018, 03:16 PM

QUOTE
Short positions are now 6.88% - as at 25 June 2018


Still climbing - 7.60% @ 24 July 2018 - https://www.shortman.com.au/stock?q=ccp

Preliminary report due tomorrow - perhaps some are expecting no so good news?

Checkmate Research has been very quiet since its report
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jun 29 2018, 03:16 PM
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In Reply To: blacksheep's post @ Jun 26 2018, 08:19 PM

All very quiet on the CCP/Checkmate front
Bennelong Australian Equity Partners have increased their s/h from 6.7888% as at 26/618 to 8.0737% on 28/6/18
SP currently down 4.11% @ $17.98/share. Short positions are now 6.88% - as at 25 June 2018
https://www.shortman.com.au/stock?q=ccp
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jun 26 2018, 08:19 PM
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In Reply To: blacksheep's post @ Jun 25 2018, 07:24 PM

Updated chart - SP currently $18.53 - down slightly today - 0.38%.
Shorts slightly up @ 20 June 2018 = 5.85%

Appears CCP has won the first rounds

The Australian has responded to Checkmate's request - "The journalist @EliGreenblat has not contacted us and thus has failed to learn our point of view"

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Check, mate

Would the real Checkmate Research please stand up? Or at least please call, asks Margin Call. There’s nothing wrong with short selling or analysts highlighting short opportunities. In the equities world it was short sellers who first declared the emperors at US energy giant Enron “had no clothes” — and were proved right — and the same could be said about Glaucus Research, which hunted down shaky sandalwood company Quintis. But in both cases at least the authors of the report put their name to it, had a website and an office anyone could contact.

https://www.theaustralian.com.au/news/brief...3deaa4e4a4181c1

What will be Checkmate's next move?
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: JSB  
 
blacksheep
post Posted: Jun 25 2018, 07:24 PM
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In Reply To: blacksheep's post @ Jun 25 2018, 01:46 PM

So the report by Checkmate was - " obviously designed to spark a share price fall" - but the "bullish analysts reports" were NOT "obviously designed to spark a RISE in the SP" - OK, gotcha lmaosmiley.gif

Credit Corp bounces back after anonymous report
QUOTE
Bullish analysts helped Credit Corp shares bounce back on Monday after an anonymous report wiped $62 million from the debt buying and lending company's market value late last week.

Morgans, Ord Minnett and JPMorgan all upgraded their investment recommendations for the $833 million company, variously describing an attack from Checkmate Research as inaccurate, lacking credibility and obviously designed to spark a share price fall.

https://www.afr.com/business/banking-and-fi...20180625-h11u1w



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: JSB  
 


blacksheep
post Posted: Jun 25 2018, 01:46 PM
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In Reply To: mullokintyre's post @ Jun 25 2018, 01:31 PM

Agree - we've seen the same applied to other stocks attacked by short sellers. House brokers/analysts supporting the company "as long as possible" biggrin.gif



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: JSB  
 
mullokintyre
post Posted: Jun 25 2018, 01:31 PM
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In Reply To: blacksheep's post @ Jun 25 2018, 12:09 PM

Call me a Cynic Blacksheep, but I reckon the only reason JPM puts a buy on anything is when they want to offload a heap.
Their mandate is JPM first, second and third.
Mick



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sent from my Olivetti Typewriter.

Said 'Thanks' for this post: blacksheep  JSB  
 
blacksheep
post Posted: Jun 25 2018, 12:09 PM
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In Reply To: blacksheep's post @ Jun 25 2018, 11:58 AM

I see a number of analyst upgrades - I wonder how much "research" they have really done? Like the other targets, it will take some time before we know who got it right. Currently the market looks like it's got confidence in the JPM's - SP up 6.82% @ $18.65 - although on Friday there was a notable short alert
QUOTE
Fri 22nd Jun, 2018 531,033 47,709,025 1.11% 4,026,974 13.19%

https://www.shortman.com.au/stock?q=ccp

QUOTE
Credit Corp's FVE of AUD 18.00 Unchanged Following its Response to Anonymous Report
We confirm our fair value estimate of AUD 18.00 per share for no-moat-rated Credit Corp after its response to what it identified as an "anonymous report," or Report, which makes several damaging claims about its business. We have reviewed the Report and are not persuaded to make any changes to our fair value estimate. Credit Corp also took the opportunity to indicate it is experiencing strong operational performance and reaffirmed fiscal 2018 guidance of NPAT of between AUD 62 and 64 million.


QUOTE
Credit Corp Upgraded to Overweight at JPMorgan; PT A$20.50

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: JSB  
 
blacksheep
post Posted: Jun 25 2018, 11:58 AM
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In Reply To: JSB's post @ Jun 25 2018, 11:00 AM

QUOTE
at no point has Checkmate included a disclaimer or quoted a an AFSL


This has been an issue with some of the other activist short seller reports - Viceroy, and more recently Glaucus

extract from AFR on that issue - https://www.afr.com/brand/chanticleer/blue-...20180402-h0y8ew

QUOTE
Glaucus is one of a special breed of market participants who roam the world attacking companies at a time of their choosing. They do this without being licensed in most of the jurisdictions where they operate. They have found a comfortable regulatory limbo and exploit it to the hilt.

It is clear there are now two separate levels of disclosure and market accountability emerging in the Australian market when it comes to research that can dramatically change market valuations.

On one side of the ledger are the entities domiciled in Australia and engaged in issuing research in Australia about publicly listed companies. They must do so under the strictures of an Australian Financial Services Licence (AFSL).

On the other side of the ledger are hedge funds and activist shareholders targeting companies. Glaucus does not have an AFSL licence and specifically states in the one-page disclaimer attached to its Blue Sky report that "this report and its contents are not intended to be and do not constitute or contain any financial product advice as defined in the Australian Corporations Act 2001".

What is even stranger than the fact that Glaucus is not accountable to any regulator in Australia is that it keeps in close touch with ASIC about its actions, but at no stage during its seven-month research into Blue Sky did it officially contact the company.

Glaucus could find itself in deep water because it is a criminal offence under the Corporations Act to disseminate information that is false and misleading and induces people to buy or sell securities or have the effect of reducing the price of securities.

Glaucus is under no obligation to check any of its analysis or findings with the company. Blue Sky believes the Glaucus report is full of errors, the most egregious of which is its claim that property companies in Australia don't include gearing in the measure of assets under management.

But most property asset managers in Australia do include debt in the calculation of fee-earning assets, including Rural Funds Management.

Chanticleer reckons it is truly bizarre that Glaucus sent a copy of its Blue Sky report to ASIC after it was released around the world and freely available to Australian investors. Glaucus was told by ASIC's market surveillance division to include in its report a disclaimer that the report was "not available to Australian residents".

It beggars belief that ASIC is focused on this sort of ridiculous and meaningless disclosure at the same time as a hedge fund that has built up substantial short positions in a company is deliberately releasing a report designed to smash the market in a company's shares at a time when the shares are trading.

It is true that any Australian analyst can release a critical report about a company. But no ethical or fair-minded investment bank in Australia would allow an analyst with an axe to grind to release an explosive report while shares in the target company were trading.

This goes to the heart of the question about ASIC's duty to ensure there is a fair, transparent and orderly operation of the equity markets in Australia.

Glaucus has built up a reputation for destroying companies it attacks even though its track record is mixed. It can confidently predict that no matter what it says about a company it will have an impact on the share price.

This raises the obvious question: Why is it that Glaucus and other hedge funds attacking companies are not obliged by ASIC to release their reports before trading begins? Why is there not a rule that the market be given time to absorb information as explosive as the information released by Glaucus? We know ASIC would prefer a more considered approach because last Wednesday it advised the ASX and Blue Sky that a trading halt in Blue Sky shares was in the interests of investors.

But, in the time it took the regulator and the market operator to halt trading in the stock, BlueSky shares had fallen 10 per cent. Those holding short positions made about $3 million in the space of 2½ hours when a report "not available to Australian investors" was creaming the market.

Why is Glaucus allowed to have that level of impact on a stock and not be held to the same high standard as other licensed market participants?

What Glaucus does is perfectly legitimate and reasonable. It has called out or revealed poor performing, overvalued and, in some cases, fraudulently run companies.

But it is about time that ASIC and other regulators around the world formulated a set of regulations that specifically address the method of dealing in the market by hedge funds such as Glaucus and other activist investors who attack companies with corporate-style white papers, PowerPoints and lengthy research reports.

We know Glaucus builds short positions to profit from the negative impact of its reports. But we do not know whether the company shares the information with others.

ASIC will inevitably be dragged deeper into the fight between Blue Sky and Glaucus because logic says that if the target company is right about its audited fee-earning assets being $4 billion then it follows Glaucus has released false and misleading information.

The natural progression is that ASIC will be asked by the company to investigate Glaucus for alleged breaches of section 1041 of the Corporations Act, which prohibits market manipulation.

If Glaucus is right, surely ASIC will have to intervene because it could not allow a company to trade if its assets are over valued by $2.5 billion. ASIC won't be able to just sit on the sidelines.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: JSB  
 
 


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