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Clean Energy Council Proposing to Ban BNPL, page-3

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DojiNinja

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02/09/19

13:32

Post #: 40276806
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Originally posted by Crowboygotlost: ↑

Anyone else up to date on the Clean EnergyCouncil's New Energy Tech Code application?

The CEC's application to the ACCC (see https://www.accc.gov.au/public-registers/authorisations-and-notifications-registers/authorisations-register/new-energy-tech-consumer-code) is proposing to ban all unregulated finance from their members, this includes FlexiGroups Humm BNPL product.

On the 1^st August 2019 the ACCC provided their Draft Determination proposing to grant authorisation to the Application which appears to endorse eliminating Buy Now Pay Later regimes from New Energy Tech Code signatories.

Flexi have lodged their response to the Application on the ACCC website (https://www.accc.gov.au/system/files/public-registers/documents/AA1000439%20-%20New%20Energy%20Tech%20Consumer%20Code%20-%20Submission%20by%20FlexiGroup%20Limited%20-%2031.05.19%20-%20PR_0.pdf) in which they state “Having financed more than 180,000 solar installations, we estimate that approximately 10% of all grid-connected solar systems in Australia have been facilitated by finance provided by FlexiGroup". They also describe the impact to their business at 3.2 as “potentially very significant” and go on to say at point 3.3 that according to their own estimates it could “lose as much as 60%” of their top 50 solar sellers in a very short period.

Some quick math says that 180,000 solar installations at $6k per install is $1.08B in new business volume. 60% of this is $648m which is a huge chunk of sales to forfeit.

Considering the public nature of the Application and potential to impact their business I would have thought FXL should have made an announcement about this? Am I wrong?
Note: at the time of writing I hold several positions in FXL.

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'Note: at the time of writing I hold several positions in FXL.'

Are you SHORT on FXL?

FXL Price at posting: $1.82 Sentiment: Buy Disclosure: Held
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