Ann: Market Update, page-3

If Ccp are exiting the small loan segment after a relatively short term after establishing a snapy online presence . It's give some idea of the multiples that the unsecured might be sold for. I have significantly sold down Mny but hold a fair few of the options as well. Mr Bryant has nominated for the board again. Will be interesting to see this pan out. If mr Bryant ends up with the unsecured, that's the boat to be on board. The banks have been quite effective in putting a choke on the supply side but the demand side hasn't changed.
Mr Bryant's vision to seperate the business appears sound. Structural separation with punters getting shares in both. Then you decide who you want back. I would have thought a trade sale would yield no more than 3 to 4 times ebit for the unsecured. An independent asx listed unsecured business should trade significantly above this.
Mr Bryant dispite the bleatings of the current board is a proven performer. He has thorough understanding of this sector. There will be regulatory certaintity in the new year. I am sure a sustainable business model will evolve.