As for the TGA results, very interesting. If memory serves me correctly, this is the first time we're hearing about the ~8m of consumer lease refunds, which is separate to the credits refunded to closed account holders. That, alongside the 3.1m of refunds due to the HPI modifications should be all of it, as they haven't hinted at anything else.
Also, this wording:
There are a number of potential outcomes from this engagement with ASIC, one of which is the imposition of penalties, but the outcome is not certain at this stage and accordingly Thorn has not taken up any liability in its balance sheet other than the provision for customer credit refunds and associated matters which was explained at the half year.
Changed to this: "Thorn anticipates that a financial penalty will be sought but the amount of any such penalty is unknown and accordingly no provision has been taken up in these financial statements."
Given the total amounts of the above are under $15m in total and TGA are remediating the lot, I can't imagine the penalty will be large. Of course, I could be wrong
TGA Price at posting:
$1.90 Sentiment: Buy Disclosure: Held
