Australian Collection Agency Tries to Pacify Shareholders

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00015159-australian-collection-agency-tries-to-pac/

By Jessica Irvine, Sydney Morning Herald

Disgraced debt collector Collection House has written to angry shareholders in an attempt to justify its actions over the past month which have prompted its shares to plummet more than 30 per cent.

For the second week in a row the company issued a Friday night announcement to the ASX (Australian Stock Exchange), two hours after trading closed.

A week earlier at 5.55pm it had announced net profit plunged 58 per cent to just over $3 million.

Collection House had then emerged from a two-week trading halt triggered when the company decided first-half profits would “materially differ” from the previous year.

For this complete story, please visit The clock beat us, Collection House says.