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CTD, Corporate Travel Ltd
blacksheep
post Posted: Yesterday, 01:35 PM
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In Reply To: blacksheep's post @ Mar 18 2019, 01:19 PM

Bugger me - first sloppy paperwork re the chairman's holdings and now lack of providing paperwork re the CEO's holding. Hope they look after company matters better than personal matters

QUOTE
Clarification regarding media report
Corporate Travel Management (ASX: CTD) confirms that it has been informed by Managing Director,
Jamie Pherous, that he has not sold any CTD shares and has no intention to do so.

Mr Pherous has advised CTD that he will lodge the appropriate paperwork and outstanding fees as a
priority this morning to seek reinstatement of his personal investment company.


The AFR article that seems to have sparked the clarification notice
QUOTE
Jamie Pherous no longer owns a single Corporate Travel share
Ownership of $521 million of shares in Corporate Travel have transferred to ASIC.

https://www.afr.com/rear-window/jamie-phero...20190325-p517gj



--------------------
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: Mar 18 2019, 01:19 PM
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In Reply To: blacksheep's post @ Mar 14 2019, 01:38 PM

Explanation for late submission and rthe "Family Court" issues.
QUOTE
1. Please explain why the Announcement was lodged late?

After the market closed on 11 March 2019, Mr Tony Bellas advised CTM that he had just been
made aware by the bank which advises him on his superannuation investments that a parcel of
CTM shares had been transferred from a superannuation fund whose beneficiaries include both
Mr Bellas and Mrs Maria Bellas to a superannuation fund of Mrs Bellas. Mr Bellas subsequently
also advised CTM that:

 On 13 November 2018, an order was made by the family court requiring the transfer of
interests held by Mr Bellas in certain assets to his former spouse, Maria Bellas. The assets
subject to the court order include (but are not limited to) 180,836 CTM shares then held by a
superannuation fund whose beneficiaries include Mr and Mrs Bellas.

 The court order issued by the court registrar contained an error. Mr Bellas received legal
advice that he could not and should not act on the court order until the error in the court order
was corrected. Mr Bellas understood this to mean that no party could act on the court order
prior to it being corrected.

 Subsequent to the making of the court order, Mr Bellas signed documents to facilitate the
future transfer of the CTM shares from the joint superannuation fund which then held them, to
Mrs Bellas as required by the court order. Mr Bellas believed those documents would be held
in escrow, and no transfer of the CTM shares could occur, until the court order was corrected.
 The corrected court order has not yet been issued by the court registrar.

On 12 and 13 March 2019, Mr Bellas sought further information about how the transfer could
have occurred, given his understanding that the corrected court order had not yet been issued
and no party could act on the court order until it was corrected. In the course of those
investigations, Mr Bellas was advised that the transfer had, in fact, occurred on 14 February 2019.

Following further conversations with Mr Bellas on 12 and 13 March 2019, an Appendix 3Y was
lodged by CTM on 13 March 2019




--------------------
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: Mar 14 2019, 01:38 PM
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In Reply To: blacksheep's post @ Feb 28 2019, 09:52 AM

Hmmm - war of words with short sellers/threatening them - VGI - with legal action....meanwhile "chairman Tony Bellas. On February 14, he disposed of 180,836 shares, 82 per cent of his stake, worth $4.5 million (at an implied average share price of around $24.90). A month ago!" around the same time. Not a good look, but explanation given was - "Off‐market transfer under a Family Court"
order.

QUOTE
Corporate Travel Management is hoisting red flags faster than the frontline heraldry of a medieval cavalry charge.

At 7:37pm on Wednesday, long after the market's close, the under-fire Brisbane roll-up lodged a sensational change of director's interest notice for chairman Tony Bellas. On February 14, he disposed of 180,836 shares, 82 per cent of his stake, worth $4.5 million (at an implied average share price of around $24.90). A month ago!

ASX Guidance Note 22 stipulates that "a listed entity must notify ASX [if]… changes occur in a director's relevant interests… within five business days."

Joe Aston has the full piece here.


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

CTD also took the opportunity to respond to market speculation

QUOTE
Corporate Travel Management Limited (“CTM”) notes the announcement made by Capita PLC
(“Capita”) regarding an unsolicited approach by CTM for Capita’s travel businesses.

Consistent with our stated strategy, CTM continues to evaluate a number of potential acquisition targets
and confirms that it has had preliminary discussions with Capita regarding its travel businesses.
These have been early stage discussions and there is no certainty as to whether a transaction will be
agreed nor as to the terms or timing.

In this regard CTM, has not contemplated undertaking any acquisition this financial year.
A further announcement will be made if appropriate.

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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: Feb 28 2019, 09:52 AM
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Posts: 5,631
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In Reply To: blacksheep's post @ Nov 8 2018, 11:52 AM

War of words continues
Corporate Travel Management lobs landmark legal threat at short-sellers
QUOTE
The tactics used by investors betting against companies are at the heart of a landmark legal stoush between $3 billion Corporate Travel Management and hedge fund VGI Partners that could reshape the rules for publicly criticising businesses.

Corporate Travel has threatened VGI Partners with a lawsuit alleging a conspiracy to hurt the company and market manipulation in a case that signals a major escalation of hostilities between short-sellers and their targets


QUOTE
If Corporate Travel proceeds with the action, which has not yet been lodged in court, it could temper how the county’s investment banks or activist hedge funds challenge the financial reporting of Australian Securities Exchange-listed companies.


Meanwhile, as Joe Aston points out in - Analysts asleep: Corporate Travel's bogus cash flow graph

QUOTE
Corporate Travel Management's rambunctious founder Jamie Pherous never intended to go down without a fight, and Lord knows the sell-side analysts never intended to give him one! "Good result mate," began the first question, as if Pherous was hosting a barbecue for his neighbours, not outlining one of the ASX200's most scrutinised set of financial accounts.

https://www.afr.com/brand/rear-window/analy...20190225-h1bp9q

The same laws should apply to short sellers as apply to a company director.” said Mr Pherous. What about sell side analysts when they get their analysis/lofty targets wrong - should they be sued?

https://www.shortman.com.au/stock?q=ctd - shows total short positions as at 21/2/2019 = 4.35%

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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: Nov 8 2018, 11:52 AM
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In Reply To: blacksheep's post @ Nov 8 2018, 11:28 AM

Corporate Travel soars, but VGI fight isn't over
QUOTE
But now it appears the professor at New York University's Stern School of Business has become central to the fight.

The good professor has, for many years, published detailed data free of charge on US country risk premiums, which can be incorporated into a range of accounting calculations, including working out what discount rates should be applied to assets.

https://www.afr.com/brand/chanticleer/corpo...20181108-h17nfk



--------------------
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: Nov 8 2018, 11:28 AM
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In Reply To: blacksheep's post @ Nov 6 2018, 09:21 AM

SP up 13.95% (currently) @ $22.79 following this morning's ann - will VGI provide another rebuttal?
https://www.shortman.com.au/stock?q=ctd
QUOTE
Last week CTM engaged EY to provide ongoing support to CTM, assess certain matters relating to CTM’s
financial statements for FY18 and subsequently to respond to certain matters raised by VGI and its
continuing attempts to discredit CTM's financial disclosures, notwithstanding CTM's detailed response to
VGI's report. EY’s engagement with CTM is continuing.

CTM engaged EY specifically because of its experience in the travel sector. EY is the auditor of Flight
Centre (ASX:FLT) and auditor and advisor to other global travel sector participants, and has a deep
understanding of not only the travel sector (including the timing of supplier (airline and rail) payments
and their relationship with receivables), but also the difference between the corporate and leisure
sectors. CTM notes its own auditor, PWC, is also the auditor of Helloworld (ASX:HLO) and was the auditor
of Hogg Robinson Group (HRG) before HRG was acquired by American Express Global Business Travel
(GBT).

EY has provided CTM with its preliminary observations with respect to certain issues raised by VGI and
notes that VGI’s report is superficial. EY’s preliminary observations are reflected in the attached release,
which addresses the following three points:

• Impairment testing of CTM’s North American business (Attachment A)
• Corporate travel sector accounting disclosures – Cash Flow and working capital (Attachment B)
• CTM’s cash and interest income (Attachment C)

CTM’s view is that VGI’s latest report raises no new substantive issues. CTM’s response to VGI's original
report addressed all claims by VGI. CTM refers shareholders to its initial response and sees no need to
comment further on many of the points repeated in VGI’s latest report, other than in respect of revenue
recognition and its office footprint and staff numbers (Attachment D)
.

https://www.asx.com.au/asxpdf/20181108/pdf/...384m03qgxn7.pdf
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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: Nov 6 2018, 09:21 AM
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In Reply To: blacksheep's post @ Nov 3 2018, 01:10 PM

Another TH to explain the latest VGI report

QUOTE
CTD became aware of a 52 page report prepared by VGI Partners last night, six days following
CTD’s response to VGI Partners' original report.

It is CTD's initial view that VGI Partners' further report raises no substantive new issues but
it is not possible for CTD to fully review the further report or comprehensively respond by the time
the market opens today. CTD is therefore requesting a trading halt so that the company is able to
prepare an appropriate response and ensure the market is kept fully informed.

The trading halt should remain in place until the earlier of commencement of trading on 8 November
2018 or when an announcement in relation to VGI Partners' further report is made.


VGI Partners increases Corporate Travel short bet, calls response 'weak'
QUOTE
Hedge fund VGI has increased its short bet against Corporate Travel Management by 23 per cent to more than 2.5 million shares, in anticipation of the price falling further because of what it claimed to be a "weak" response to its concerns around accounting and disclosure.

https://www.afr.com/business/banking-and-fi...20181105-h17jed

Corporate Travel Management's cash fudge still unexplained
https://www.afr.com/brand/rear-window/corpo...20181105-h17jd2

Three recent notable short alerts
QUOTE
Fri 2nd Nov, 2018 571,173 108,491,948 0.52% 2,035,921 28.05%
Thu 1st Nov, 2018 648,515 108,491,948 0.59% 2,841,798 22.82%
Wed 31st Oct, 2018 581,003 108,491,948 0.53% 6,490,422 8.95%

https://www.shortman.com.au/stock?q=ctd
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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: Nov 3 2018, 01:10 PM
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Posts: 5,631
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In Reply To: blacksheep's post @ Nov 2 2018, 06:57 PM

Some interesting background - Behind Corporate Travel's multi-year short-seller war
https://www.afr.com/business/behind-corpora...20181101-h17ddu







--------------------
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: Nov 2 2018, 06:57 PM
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In Reply To: blacksheep's post @ Nov 2 2018, 06:34 PM

From Maurice Blackburn's Press Release

QUOTE
“VGI and CTD each accuse each other of misrepresenting the true position at CTD. Either way, clearly something drastic has occurred here which has taken shareholders and the market by surprise, and an investigation into what has caused those shareholder losses is a prudent first step we will take before committing to a class action.

“If there has been some form of corporate misconduct that has led to this significant price drop, then a class action is a sensible and efficient market-based enforcement mechanism to pursue accountability and redress for those affected.”

https://www.mauriceblackburn.com.au/about/m...ctd-price-drop/




--------------------
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: Nov 2 2018, 06:34 PM
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Posts: 5,631
Thanks: 2110


In Reply To: blacksheep's post @ Nov 2 2018, 11:30 AM

VGI faces chance of shareholder lawsuit over Corporate Travel ambush
By Patrick Hatch & Kylar Loussikian
2 November 2018 — 2:55pm
QUOTE
Hedge fund VGI Partners faces the unusual prospect of being sued by Corporate Travel Management's shareholders if class action law firm Maurice Blackburn finds that an explosive report it released about the company was misleading.


QUOTE
VGI's managing partner, Robert Luciano, said it would "create a terrible precedent" if Maurice Blackburn took its investigation any further.

"The Australian retail investor is already at a disadvantage and so do we really want to create a situation where independent research analysts in this country are afraid to say what they truly believe?” he said.

"Our analysis into Corporate Travel was based on hundreds of hours of detailed fundamental research and analysis."

Mr Luciano said VGI had not had any contact with Maurice Blackburn since 2015, when the law firm asked for its research on Slater & Gordon. Maurice Blackburn later launched a class action against Slater & Gordon

https://www.smh.com.au/business/companies/v...102-p50dnf.html







--------------------
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
 
 


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