Australia's Thorn Group hits over 2-year high, sells consumer finance unit

Thorn

29/11/2021 23:48

** Financial services provider Thorn Group  TGA.AX  rises as
much as 15.2% to A$0.265, their highest since June 2019
    ** Says https://www.thorn.com.au/site/PDF/2059db58-1fd5-46e1-b7d9-f8a7d61b3b5a/SaleofConsumerFinanceBusinessRadioRentals
 entered binding sale deed to dispose assets of its consumer
finance unit Radio Rentals to Sydney-based debt buyer Credit
Corp Group
    ** Deal for estimated net consideration of A$45 mln ($32.15
mln)
    ** Also announces https://www.thorn.com.au/site/PDF/3f96fc09-3daf-4b49-bfdd-5766dd43c3c0/ReleaseofHalfYearlyResults
 half-year net profit after tax of A$13.3 mln, compared with a
net loss of A$1.1 mln last year
    ** Strong NPAT on the back of better-than-expected payments
by customers
    ** Stock marks its biggest intraday pct jump since October
2020
    ** About 1.1 mln shares change hands, vs the 30-day average
of 348,000 shares
    ** TGA up 15% this year as of last close


($1 = 1.3996 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))