Gotta love another entity having a go at the domestic mortgage market against the banks. My difficulty is the manner in which the Chairman has hidden earnings from various offshoots providing services to YBR. It could have been done with a bit more transparency and independence even though the Chairman claims a relatively small direct earnings from the company for executive duties. The second part is the new arrangements for the Chairman as announced not long ago. Sleight of hand comes to mind to this style of operating and leaves the "trust" factor wanting.
However with Macquarie backing them they get to be legitimised by their presence on the register and the financial results next year will determine whether they have got it right as current acquisitions are being integrated into the business.
In at 50 - 60 cents as a punt.
YBR Price at posting:
58.0¢ Sentiment: None Disclosure: Not Held
