I tried to buy 3,500 shares at $19.71 yesterday, but I got only 500 at something like $19.709. I am overloaded with CCP shares, and had I acquired the 3,500, I would have sold them fairly quickly at a small profit.
That the guidance did not change is not surprising for two reasons. CCP may have months ago discovered the fact that the forbearance it extended to non-performing debts had slipped through its administrative system, and said nothing until it knew the quantum of money involved, but toned down the guidance as a precaution. Alternatively, it has sufficient fat in its accounting system to plug the gap. The "fat" would be undervalued PDLs and over provisioned loans. CCP has practiced this flywheel-style accounting for many years, probably since FY2009 when it learned how dangerous it was to not have a fall-back to patch glitches.
The other matter is ASIC's penchant for do-goodism, which by definition does more harm to the target benficiaries than good. Basically, ASIC has pushed Government to limit loans beeing rolled over past their expiry date, which CCP adhered to. However, some debtors did not want it on record that they had not paid debts, so they would offer to pay it off in the near future when they knew money would be available (for example, a termination payment), or if they knew they could make increased payments because their family income had improved (e.g., the wife returned to the work force). ASIC's view is that interest should not accrue in that interim period. Legally the matter is unclear, but CCP holds that it did not breach any laws. The sum involved is small.
I regard the matters mentioned in the recent Announcement to be trivial – harldly calling for the Announcement, IMO.
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