Ann: Appendix 4C - quarterly, page-6

Neither Bouris nor Macquarie appear to have any interest in the profitability of Yellow Brick Road in its own right. Each has an income stream from the business that they are entirely satisfied with: Bouris in the form of director's fees, consultancy fees and "related-entity" fees; and Macquarie in the form of returns on their wholesale products that grows as the mortgage book grows. Their mouths are firmly fixed on its tits and they're sucking for all their worth. What will be left for the shareholders will be a pathetic dribble if anything.

Likewise the probability of these shareholders ever supporting a takeover is close to zero. Yellow Brick Road is enormously valuable to them as a money milkshake. A bidder would have to offer many times the market capitalisation of the company before Bouris and Macquarie are likely to consider it.

Bouris' focus is clearly on his public profile and not at all on Yellow Brick Road. Have a look at his personal website if you have any doubts about this.

I've been watching this thing for about 5 years now... three as a shareholder, and the last two as a non-holder.

All this company has ever delivered has been talk, promises, more talk and then more promises. It seems very unlikely that it will ever deliver anything more substantial than that.