Good to see ...especially as paid about the same as I did
We both can’t be fools
Good pruchuse by him
https://www.interest.co.nz/news/9413...vs-now-account
Like this bit from the article above..
"The stink bug diversion is now behind us and the import traffic seems to be trending higher yet again. "
The rise and rise of SUV sales continues to really astound me. Was 57% of all sales last year...now up to a whopping 65% of all vehicle sales. Hope Todd Hunter is well aware of this trend and stocking up on SUV's at the expense of sedan's and hatchbacks. Medium sedan's now just 4% of the market....WOW !!! I guess people don't care about a low center of gravity and are prepared to sacrifice better handling and fuel economy for increased versatility. Been considering the idea of a low mileage 7 Series BMW sedan...fair to say the dealer embraced me like a long lost friend when looking at their 2 year old demo, (two years sitting on a car lot..the mind boggles on how much floor plan finance costs that's eaten up). I think very very few people are looking at large sedan's anymore, especially high end ones with business confidence at a very low level. Mind you if business confidence is so incredibly low how come new vehicle sales are at an all time record ??? Doesn't make sense...
I would think Todd would get up earlier than you and I.
Most probably sleeps with the light on too.!
Go to TRA's next agm and talk to him.
Topped up with some more at $2.99 this morning. Working my way down to your end of the tent Percy :)
Not that it means much, but its looking good on the depth for the first time in a long time. 5 cent (quarterly fully imputed) dividend coming up shortly too. With these quarterlies, you get it in the bank and the following one is almost already being announced. Long term hold for me. Paul Byrnes buying more shares at these prices is a great signal. (Apart from Todd Hunter he probably knows the company best)
"The quick brown fox jumps over the lazy dog." This is a sentence I had to copy out several times in finest hand script in my primary school days. Yet, I can honestly say that I never fully understood what it all meant until this moment.
It looks like you definitely have the jump on me on this matter Fox. I get the idea that used cars on which their owners have fallen behind in their repayments, may not provide great security. So the idea of Turners providing some bonds as extra 'cash' security could be appealing for those who want to buy their securitized loans.
Note 14 of AR2017 implies 8% of the securitized loan balance is funded by subordinated notes issued by the Turners Group. I have figured out that 'Waterfall Distributions' refers to the order in which funds are distributed. And you are implying that Turners, with their 8% stake in the funding, get paid out before the BNZ who fund the rest of the loans. However, I cannot find anything in the annual report that confirms this is the case. And I am left wondering why the BNZ would agree to this? What you seem to be saying is that by packaging up securitized loans, BNZ have moved down the payout order, and the BNZ would have been better off just making a straight loan to Turners in which case they would be paid out first!
As at 30th September 2017 I see the securitized receivables were up to $117m (up from $73m) at 31st March 2017 balance date. Likewise total borrowings have gone up from $265.889m to $306.786m over the same period. However in the half year report, there is no break down of how the increase in borrowing is made up. Also I can find no announcement during the year of more bonds being issued. So I am curious about your "Further bonds were issued..." statement. Hoping you can help demystify the situation for this lazy old dog?
SNOOPY
[QUOTE=Snoopy;717474]"The quick brown fox jumps over the lazy dog." This is a sentence I had to copy out several times in finest hand script in my primary school days. Yet, I can honestly say that I never fully understood what it all meant until this moment.
Really.?
It contains all the letters of the alphabet.