great point re the spread on their funding, but its worth noting the $25m will go thru as eligible Tier 2 so not quite the same as senior debt funding. Yes they are acting strangely but then again the bank has had a very muddled 'strategy' since the new CEO and mgmt team has taken over.
Go take a look at how much of the old management structure remains from that of 12 months ago. Also look at their company presentations - very little strategy on how to progress the company in carving its niche.
Would not make much sense for Widebay to buy them. Widebay is a poor performer in its own right with little geographic or product diversification at the other end of the country from MYS, and heavily reliant upon securitisation for funding.
So what is the MYS straregy? Are they setting themselves up for trade sale? Who would buy them and why?
Buying this share is a path to nowhere with stack of downside risk.
MYS Price at posting:
$4.47 Sentiment: Sell Disclosure: Not Held
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