Is there any clarity around which properties ERG owns rather than leases? Unless I'm mistaken, the total dollar value of property - at cost ($3.946m) seems rather low, particularly if they have even only 1 warehouse in Sydney.
Additionally, the business seems to be going through an impressive turnaround. One concern I have is the high level of insider ownership. Whilst I like to ensure companies I invest in have insiders with skin in the game, I've found in the past, if insiders have greater than say 40% of ownership, sometimes it is hard for shareholders to have a voice capable of being heard by the board and management. The business seems to have management that is doing the right thing by shareholders, but thought I'd see if anyone has any comments concerning this point?
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