little concerned... , page-32

You make a good point ROEROC - TGA is unlikely to indulge in another NCML-like initiative in a hurry.

TGA behaved out of pattern by buying NCML, rather than looking to grow organically, and it did not seem to go about it at all well, otherwise there would have been provisions relative to short-term performance, and hence price claw-backs for sub-ordinary performance and loss of a key customer like the ATO. The upside is that management are not likely to make a similar mistake.

The NCML deal had an opportunity cost too - TGA lost time getting into TEF's current line of business (financing SME procurements of capital items), and perhaps it moved too slowly with Cashfirst and other Radio Rentals/Rentlo initiatives,like getting into furniture more aggressively and the direct importation of Thorn-brand stock.

It is interesting that TGA has raised the option of off-shoring collections processing - something CCP did by opening a facility in the Philipines.