Maxi-Cash Financial Services Corporation

[CityFarmer]

When there are money and valuable items around, there are possibility of breaching of trust

REPORTS ON OR AROUND 6 JULY 2012 IN THE PRESS REGARDING A STORE SUPERVISOR CHARGED WITH ALLEGED CRIMINAL BREACH OF TRUST
http://info.sgx.com/webcorannc.nsf/Annou...endocument

According to the press release, it is covered by insurance and operation continue. So the impact is minimum.

[CityFarmer]

When there are money and valuable items around, there are possibility of breaching of trust

REPORTS ON OR AROUND 6 JULY 2012 IN THE PRESS REGARDING A STORE SUPERVISOR CHARGED WITH ALLEGED CRIMINAL BREACH OF TRUST
http://info.sgx.com/webcorannc.nsf/Annou...endocument

According to the press release, it is covered by insurance and operation continue. So the impact is minimum.

Base on the latest update, the impact is approximately S$149,000 + some valuable items. A minor case base on the amount of cash/valuable handled.

http://info.sgx.com/webcorannc.nsf/Annou...endocument

[portuser]

If a stolen item that was unwittingly accepted is tracked down subsequently by the Police and returned to the owner, will the pawn shop suffer a loss?

[CityFarmer]

If a stolen item that was unwittingly accepted is tracked down subsequently by the Police and returned to the owner, will the pawn shop suffer a loss?

First of all, this risk should be small, since it is not mentioned in the listing prospectus of Maxi-Cash. It is logical due to the procedure of pawning.

"Once the assessment and valuation is completed, a loan will be
offered to the customer. Where the pawn value exceeds S$200,
the name, NRIC number and address of a guarantor, who shall
vouch for the customer that the article presented for pledging is
not a stolen property, shall be required."

IIRC, i was told that the owner need to pay in order to recover the stolen item from pawn shop, but i am not sure the credibility of the info.

[portuser]

It may not stand to reason for the victim to pay to repossess the stolen item.
Can one be certain that the entire array of risks of a particular business will be evaluated, especially where the company is going to be to first listco in that business sector?
The thief may get another like-minded desperado to vouch that the item is not a stolen one.
What are the common outlets for stolen goods?
HK movies routinely portray pawn shops as the destinations where stolen goods are turned in for money.

[CityFarmer]

It may not stand a reason for the pawn shop to bear the losses either. I am not sure the actual practice now. May be interesting to find out more...

To list down risks involved is a common practice in listing prospectus, to avoid mis-representation claim in the future. If the risk is not there, probably it is not a common risk or not significant. But it does not mean it is non-existence.

Common outlet for stolen items?

How about 2nd hands item dealers, it appear in Crime-watch several time even i am not a regular viewer. How about ebay?

[portuser]

Those interested may want to clarify with the company and share the information on this forum. I am not vested.

[CityFarmer]

Those interested may want to clarify with the company and share the information on this forum. I am not vested.

Visited Maxi-Cash web site to look for Investor Relation contact, but in vain. Probably take time to setup the IR

Probably will find out more when visit their store next time.

(not vested)

[CityFarmer]

The Maxi-Cash share price continue to move down today. Price move down to S$0.41 at volume of approx 6 Mils shares

[CityFarmer]

http://info.sgx.com/webcorannc.nsf/Annou...endocument

The Company wishes to announce that it will be releasing its financial results for the half year ended 30 June 2012 on 6 August 2012, Monday, after market trading hours.

The "virgin" FR from Maxi-Cash after IPO