COG 7.50% 4.3¢ consolidated operations group limited

@skinsy11 I suggest you write to Alex Waislitz Thorney and...

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    @skinsy11

    I suggest you write to Alex Waislitz Thorney and [email protected] to ask them to audit their book and validate their announcement on 30 April 2020 vs. 1HFY20 on 26 Feb 2020.

    in end Feb, they claimed they had 2868 leases with average size of $52k, resulting in $150m lease book with 2% internally funded (i.e. $3.4m)

    at the end of April, they stated they only had 2770 leases with an outstanding balance of $87m, suggesting an average size of $31.5k vs 52k not long ago.

    so in 4 months' time from 1 Jan to 30 Apr, including at least one month before COVID 19 was known to the world or at least 2 months before any government taking action on it, its leasing book reduced size by nearly half??? how much has been foregone, or everything is natural ending, or the previous number was made up!!!

    I would use their Dec 19 number of $150m at a loss rate of 12% (was 3.9% in the ordinary course), so we talk about $18m loss or around.

    plus their 17.34% holding on CGR currently only worth $10, if the bulk sale, will worth less!!!

    they would have $18m cash top right now, and north $100 debt ... $55m market cap is 50% more than the reality imo.

    COG Commercial Equipment Leasing.png
 
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