While the PowerPoint presentation looked very pretty for the annual results it was not presented in the normal manner in which the figures could be easily investigated.
They typically pay 19-20 cents on the dollar for debts the banks have decided are unrecoverable.
They list them in the balance sheet at full value when in reality they are a fraction of this. Debtors Their debtor ledger is of the absolute lowest quality and their cost of collection is constantly increasing.
With the current crisis the vast majority of their ledger is unrecoverable and Government will ensure that they cannot apply for Bankruptcy for less than 20,000.
Debtors in so much strife will just throw in the towel and say do your worst.
They burnt through 17 million in cash last year and the market has recognised it for the giant Ponzi scheme it is
CCP Price at posting:
$6.25 Sentiment: Sell Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)