Strawberry bush amongst nettles, page-3

Nice read thanks, it will be interesting to see how the local debt collector scene plays out over the next few months.

It looks like PNC will be at best very constrained and at worst liquidated. We should know the fate of PNC by end of this month. The reporting on the situation sounds bleak such as losing support of one of it's bankers. It has 245m in PDLs and this will probably come down with revaluation going on by auditors. This could be a big opportunity for CCP to buy some of this debt book and rapidly deploy the 'headroom', or at least benefit indirectly from less competition in auctions if PNC continues in one form or another.

CLH has recently had it's reputation hit by reports of it's aggressive bankruptcy approach at Lion Finance, and this may affect it's ability to participate in some auctions (I think this reinforces CCP's reputational edge). It's also quite levered (50% gearing to PDL assets) and is relying on a third party investor to effectively buy up debts on an agency like basis for growth.

It's seems very likely that CCP will pick up a lot higher market share in the coming months of the Aus/NZ PDL market. The longer term thinking and well timed capital raising is looking like it will pay off. On top of the lending biz and US(D) opportunity this looks like a great place to be over the next couple of years. At $30 a share I don't think this is a secret either!