AUS
NZ
UK
CA
USA
IND
Financial Solutions Provider, FlexiGroup Limited (ASX:FXL) has responded the ASX Aware Query toady (25 February 2019). In ASX Aware Query letter, ASX has asked the company regarding an announcement dated 5 February 2019 titled âFlexiGroup announces $12m after tax impairment in Commercial Leasing Businessâ. ASX has asked whether FXL considers the statements in the announcement to be information which a reasonable person would expect to have a material impact on the price or value of FXLâs securities.
FXL has replied âYESâ to this question and it believes that the totally of the matter included in the Impairment Announcement would be information which a reasonable person would expect to have a material impact on the price or value of FXLâs securities.
ASX has also asked to outline the process that led to FXLâs decision to make the impairment referred to in the Impairment Announcement.
In the response, the company has outlined the whole process and informed that over the course of Q4 CY 2018, and in January 2019, the Companyâs Board had been receiving updates from the management on the progress of matters retailing to the arrangements with VM, and with the relevant commercial customers.
ASX has also asked â When did Viewble Media Pty Ltd (VM) enter into a commercial arrangement with FXL to provide finance to its customers to participate in the Scheme?
In reply to this question, the company informed that VM and FXL did not enter into a commercial agreement to provide finance to VMâs customers to participate in the Scheme. On 25 January 2019, FXL became aware that liquidators had been appointed to VM.
ASX also asked about the revenue which FXL derived from the arrangement with VM since its inception. FXL has replied that it has received approximately $1.54 million in revenue from the arrangements with VM since its inception to 20 February.
Today, FlexiGroup Limited has welcomed the key recommendations of the Senate Economics References Committee Report into credit and financial services targeted at Australians at risk of financial hardship, which was released on Friday 22 February 2019. The company is a strong advocate for a Code of Practice, and it believes that, with good industry engagement, a Code can be drafted, tested and established with some speed.
FXLâs share traded at a price of $1.205, up by 5.24% during the dayâs trade with a market capitalization of ~$426.68 Mn as on 25 February 2019. The counter opened the day at $1.165, reached the dayâs high of $1.225 and touched the dayâs low of $1.160 with a daily volume of ~873,124. The stock has provided a Year Till Date return of -15.19% & also posted returns of -46.50%, -22.64% & -19.08% over the past six months, three & one-months period respectively. It had a 52-week high price of $2.340 and touched 52 weeks low of $0.975, with an average volume of 640,982 approximately.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
