Hey JoeGambler, nice upward SP shift today. The serious investors must be reading our posts.
There was an Announcement to the effect that the share of CCP stock held by Torres Industries Pty Ltd are going to be transferred to Don McLay. This will be handy, because until now it has not been possible to know if Don was personally making the decisions to buy and sell CCP shares, or not. The Announcement read:
28 April 2020
Notice of impending change to Director relevant interest
Credit Corp Group Limited (Credit Corp) advises that due to a corporate restructure within an entity in which Mr Donald McLay, the Chairman of Credit Corp, has a relevant interest, there is an impending change to Mr McLay’s relevant interest in Credit Corp shares. This change has not arisen due to any on-market transaction.
On 23 April 2020, the shareholders of Torres Industries Pty Limited (Torres) approved a proposal to undertake an in-specie distribution of part of its investment portfolio including shares in the Company. Mr McLay, Nagarit Superannuation Fund and Nagarit Pty Limited ATF Nagarit Trust are shareholders in Torres and therefore will receive shares in the Company as a consequence of the in-specie distribution.
The share transfers as a result of the in-specie distribution have not yet been finalised and therefore reflected in the share register of the company.
There will be no change to Mr McLay’s effective economic interest as a result of the above corporate restructure, however there will be a change in the relevant interest as noted.
CCP Price at posting:
$15.23 Sentiment: Buy Disclosure: Held
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