More like BS than boutique at Coneco
Self-labelled "boutique ASX listed property finance and advisory firm" Coneco Financial yesterday announced the board of directors has decided to cease operations under the current structure, effective at the end of this month, citing tightening credit markets, lower margins and higher rates.Coneco was a two-bit mining stock that last year reinvented itself as a minnow in the financial broking value chain, with an emphasis on sub-prime lending.Activity in the period for which Coneco disclosed data to the ASX was trivial: $11.3 million in settlements over five months, with plenty of high hopes beyond that.Coneco has a market capitalisation of one million dollars and a share price of 2.5 cents. The total shareholder return for one year is minus 91.7 per cent, according to CommSec.