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  1. #3621
    percy
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    The round skillet was what we wanted.Kmart square one was not.Kmart are certainly very much a major retail force.
    Yes Rod Duke had them linning up to get into Salisbury Street's Car Park.!
    Fair value on Turners.? The foundations are there for a great company.Should the board deliver on their strategy, we will see the share price double with in three years.
    With the board holding so many shares I would think they are "well focussed".
    Last edited by percy; 29-11-2018 at 03:35 PM.

  2. #3622
    Following the momo
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    Looks like Grant has lost the love already, 100k for sale at $2.52 in the closing auction.

    Or is he doubling up with the $2.51 $100k bid?
    Last edited by McGinty; 29-11-2018 at 04:01 PM.

  3. #3623
    Guru
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    Quote Originally Posted by McGinty View Post
    Looks like Grant has lost the love already, 100k for sale at $2.52 in the closing auction.
    Nah just looking for a quick $5,000 trading profit

  4. #3624
    Banned
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    Quote Originally Posted by McGinty View Post
    Looks like Grant has lost the love already, 100k for sale at $2.52 in the closing auction.

    Or is he doubling up with the $2.51 $100k bid?
    Or perhaps he's wants another 100k bidding at $2,51.

  5. #3625
    Legend minimoke's Avatar
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    Quote Originally Posted by couta1 View Post
    Or perhaps he's wants another 100k bidding at $2,51.
    I missed that bid but see both the 100,000 buy / sell have disappeared

  6. #3626
    On the doghouse
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    Quote Originally Posted by winner69 View Post
    Snoops ....that 2.160m you mention is part of the 1.839m adjustment to March 18 Retained Earnings (see the Changes in Equity part of the accounts)

    Effectively reduced Shareholder Equity with no impact on the Income Statement (ie profit) this financial year

    The new standards do mean they need at what’s provided for differently than in the past - probably more detail in the full half year report and then you can work out if there is a real impact or not.
    Quote Originally Posted by percy View Post
    Heartland.
    New accounting standard IFRS9.HGH adopted estimated $25mil,with an impact on equity of $14mil to $18mil ,which also resulted in an increase in the impairment ratio..
    Quote Originally Posted by Beagle View Post
    My bean counting philosophical thought for the day.
    The concept of proactively provisioning delinquencies based on historically experienced averages (by loan type) is clearly a more accurate way of matching costs off against revenues in the appropriate period. What this accounting standard change highlights is that finance company and bank provisioning has always been historically focused and event driven as opposed to forward proactive thinking.
    Thanks for this. So could it be that the significant increase in impairment provision expense for TRA over HY2019 is just reflecting the increasing provisioning required by new accounting standards? Nothing to do with more MTF non-recourse loans supposedly going sour?

    SNOOPY
    Last edited by Snoopy; 29-11-2018 at 09:12 PM.
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

  7. #3627
    Banned
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    Pump'ndump guys? I'm in.

  8. #3628
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Snoopy View Post
    Thanks for this. So could it be that the significant increase in impairment provision expense for TRA over HY2019 is just reflecting the increasing provisioning required by new accounting standards? Nothing to do with more MTF non-recourse loans supposedly going sour?

    SNOOPY
    could will be the new methodology but when they say “Impairments on higher risk lending categories has been worse than expected.” I’d say not ....doesn’t say mtf but but something specific they didn’t expect
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  9. #3629
    percy
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    Quote Originally Posted by winner69 View Post
    could will be the new methodology but when they say “Impairments on higher risk lending categories has been worse than expected.” I’d say not ....doesn’t say mtf but but something specific they didn’t expect
    Well they certainly did not expect such poor quality MTF originated non-recourse loans.From MTF announcement Turners tightened their lending criteria in April.
    So it looks to me as it is still the MTF non-recourse loans they are talking about.Interestingly Turners comment that their own loans have been of lot better quality,and in fact they are putting $4 mil of their own loans through their Oxford Finance company, rather than MTF.This will give Turners a better margin,however I expect it will weaken MTF's loan book.
    From April to now I would have thought Turners would have taken action on any or all of the non performing MTF loans.I have never heard of finance companies dithering or dorderling,so again I think a lot, or most impairements will have been taken in this interim result.
    Both HGH and TRA now insist they are at the start of any loan application,and both have tightened their lending criteria.
    Last edited by percy; 30-11-2018 at 06:51 AM.

  10. #3630
    Legend minimoke's Avatar
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    Is 25,000 at $2.55 their opening buy-back bid?

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