According to Sources Yet Again!

Posted on 5th May 2008: 5 May 2008: Corporate: CCB capital repayment? By Jose Barrock

• 5 May 2008: Corporate: CCB capital repayment?
  By Jose Barrock
  Email us your feedback at fd@bizedge.com
  
  Automotive player Cycle & Carriage Bintang Bhd (CCB) is understood to be mulling a special dividend or capital repayment, which could be announced to Bursa Malaysia by the middle of this month.
  
  The Edge understands that a board meeting slated for early this month will discuss some details of the payment, which have yet to be ironed out, and finalise the salient features of the repayment plan.
  
  Sources say a payment of about 50 sen per share is being contemplated, which works out to a lump sum of about RM50.3 million to the CCB shareholders.

Jose strikes yet again.

The very same, according to sources financial journalist (?) has done it yet again.

Yet another story based on unnamed sources!

Just who the sources?

The toilet cleaner? The parking attendant? Well, they can be considered a source, yes?

Needless to say such sources never do seem to get it correct!

The very next day, the Edge daily were forced to publish the following: 06-05-2008: CCB says no decision on special dividend yet

• 06-05-2008: CCB says no decision on special dividend yet
  
  Email us your feedback at fd@bizedge.com
  
  KUALA LUMPUR: Cycle & Carriage Bintang Bhd (CCB) had yet to make any decision with regard to a special dividend payment as reported in The Edge weekly last week, the company said.
  
  Its board was not slated to meet early this month as reported, the company told Bursa Malaysia yesterday.
  
  CCB added that it regularly reviewed its cash flow position and had not made any decision with regard to any special dividend of capital repayment exercise.
  
  CCB’s announcement came on the back of the company’s shares yesterday gaining 23 sen or about 10% to RM2.48 from its close last Friday. The stock was among the top gainers for the day.
  
  With its mainstay in the distribution of Mercedes-Benz automobiles in the country, CCB no longer has strong capital expenditure requirements, giving it the option to pay good dividends.
  
  CCB has also divested several non-core businesses and assets as part of a streamlining exercise, which will strengthen its cash position.
  
  The company’s largest shareholders are Jardine Cycle & Carriage Ltd, which has about 59% equity, and the Employees Provident Fund with a 19% shareholding.
  
  For the first quarter of FY08, CCB posted a net profit of RM4 million from RM144.8 million in revenue. Compared to a year earlier, net profit surged by 167% despite revenue dipping by about 8%. The robust performance is attributable to gains made from the disposal of assets more than improving business prospects.

How my dearest MooMooCow?

Why do our financial reporters keep reporting news based on un-named sources?

Is this even reporting?