Very rough maths and I am happy to be corrected . Loan book around 270 million returning npat of around 27million . So around an after tax return of 10%. This would include the interest cost on around 80 million of borrowed funds which range in cost of between 9 and 12 %. By my rough calcs borrowing at 12% is a marginal proposition at best. That is core to the issue at present . The board has been renewed and they have been well rewarded. It's quite disappointing debt funding hasn't been meaningfully addressed by now. It would seem the business itself is firing along nicely.
MNY Price at posting:
$1.27 Sentiment: Hold Disclosure: Held
