Ann: Collection House Limited 1H 20 Results and Company Update, page-21

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mrdingo

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03/06/20

22:19

Post #: 45020975
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Originally posted by kearneymaurice: ↑

I got out of CLH after I attended the 2018 AGM. Apart from being extremely dissappointed with the way Lev was treated by the board, what got me in the end was the wastage at the AGM. Trust me, free alcohol was flowing after the AGM, all at shareholders expense mind you. It didn't impress me much on the day, even though I left somewhat inebriated. It really demonstrated to me what they thought of our money. After I sobered up, I ended up hitting the sell button real fast.

This Royal Commission was tabled in parliament in February 2019. Somehow he are told that this report has suddenly come home to roost for CLH with the board changing what we have been lead to believe was a perfectly legal collection process. Mr Rivas had certainly given me his reassurance that we were compliant. I am sure a class action would have already commenced if the tactics they used to collect past debts were deemed unlawful.

This sudden feel good change in the collection process has supposely resulted in an 89 million dollar write down. From my reading, they are removing legal action from their processes. It's like they have turned into a charity. For holders sake, I hope they know what they are doing. I have no confidence. Once trading again, current shareholders are going to take a bath. They might need to lookout, the class action might come from within. I feel sorry for whoever bought my shares. Best of luck with this one.

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Looks like the drinks were on me.

CLH Price at posting: $1.09 Sentiment: None Disclosure: Held
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