In light of my previous email to CCV, where I actually received a response from the, then interim CEO Sam Budiselik, I decided to shoot another email to the, now CEO Brendan White.
Please see a copy of the email below. I will subsequently follow up if/when I receive a response:
"Good Evening,
I am a long-term shareholder of Cash Converters and I was hoping to pose a few questions to our new CEO Brendan White. Since 2013 I have seen the company's value considerably decline from a high of around $1.22 per share to today's price of 16c a share. This has occurred in a steady and consistent manner.
My own holding has fallen by 63% from when I first entered, and even though I personally perceived the company to be undervalued and topped up along the way, I am still sitting at a 50% loss given today's price.
Though I have crunched the numbers numerous times, and can see a growth story emerging in the MACC and GLA sectors, the market remains unconvinced. I like to think of myself as a value investor, however with my investment never actually seeing green, I find myself starting to doubt my investment thesis. Is it me, or the market that is missing something? Should I cut my losses, or is it the ideal time to invest?
It is obvious that status quo does not cut it, and given the one outstanding class action still hanging over the company, the market needs to see resolution and a clear strategy to move the company forward.
My question is, as a new CEO stepping into the role and off the back of his achievements at BOQ, does Brendan see a clear and innovative strategy to move CCV forward? Does he have a strategy to return CCV to previous valuation levels? And also, given the current market value, does Brendan worry about a possible friendly and/or hostile takeover attempt by CCV's competitors?
I appreciate your time and hope you can provide some clarity to the questions posed above.
Kind Regards, "
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Last
20.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $128.6M |
Open | High | Low | Value | Volume |
20.5¢ | 21.0¢ | 20.0¢ | $250.1K | 1.222M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
6 | 204598 | 20.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
20.5¢ | 385350 | 7 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
10 | 291399 | 0.200 |
8 | 190962 | 0.195 |
9 | 623772 | 0.190 |
20 | 914079 | 0.185 |
19 | 4208361 | 0.180 |
Price($) | Vol. | No. |
---|---|---|
0.205 | 385350 | 7 |
0.210 | 605539 | 15 |
0.215 | 424857 | 11 |
0.220 | 490064 | 11 |
0.225 | 376712 | 9 |
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