Ron Brierley owns just under 44% of MVT, and although he is the Chairman he doesn’t draw a salary with his only income being $240K in interest from $3M unsecure notes (8%). Profits are retained (no div) and reinvested. He personally lent MVT $5M in April 2018 to fund investment purchases (impressively at RBA cash rate), another $5M in August 2018 & will lend MVT up to $20M to purchase YBR. Kudos to the man with the bigger war chest.
On a side note, MB has been talking up RMBS funding for a long time now, while AFG has been doing it since 2013. Instead, YBR chose the Macquarie JV and acquisitions path via debt funding to buy “scale” – hindsight is a beautiful thing.
YBR Price at posting:
10.0¢ Sentiment: None Disclosure: Not Held
