Money3 Corporation Limited (ASX: MNY) had made a response related to the article of media with the help of press release. As per the release dated January 17, 2019, the company stated that it has the knowledge related to the sales people working in the car finance industry and under the point of sale exemption. The issued release (dated January 17, 2019) stated that the company does not get a reference of the applications from the persons who are working under the point of sale exemption. These persons also do not hold ACL (or Australian Credit Licence) which happens to be the company’s referral criteria. The release also highlighted that the article had no impact on the business model of the company.
We would now understand what Money3 Corporation Limited’s management had stated in this context. As per the release issued, the management had stated the company gets finance applications from the brokers which possess ACL and these brokers also analyze the finance application in order to check the affordability before they send out to the lenders. In addition to this, the management stated that the company doesn’t provide Flex commission to the brokers for the reference of the applications. The release which was published also stated that the company happens to be a fully-licensed lender. The company also abides responsible lending laws.
Not so long ago, the company had made an announcement related to Independent Non-Executive Director. As per release which covered this information, Mr. Symon Brewis-Weston has been selected for the designation of Non-Executive Director. The release also stated that he would also be Audit Committee’s member as well as Remuneration Committee’s Chairman. The release also threw some light on the past positions of Mr. Brewis-Weston. He has been the CEO (or Chief Executive Officer) of FlexiGroup Limited. Prior to this position, he was the Chief Executive Officer of the Sovereign Assurance Limited, New Zealand.
Let us now understand that Mr. Symon Brewis-Weston has to say. Mr. Symon Brewis-Weston stated that he would be working for the success as well as the growth of the company. The Managing Director of Money3 Corporation Limited had stated that Mr. Symon Brewis-Weston possesses a rich amount of experience with respect to financial services of Australia especially consumer lending. He added that the company’s board would be helped by his experience of the industry as well as his skills.
We would now see how Money3 Corporation Limited has performed today. The company’s stock ended the session on the positive note as the stock has ended in green. The stock price closed at A$1.720 per share which implies the rise of A$0.060 per share or 3.614%. The market capitalization of Money3 Corporation Limited stood at ~$299.21 million.
However, Money3 Corporation Limited’s annual dividend yield stood at 5.72% (as per Australian Securities Exchange or ASX). Talking about the past performance of Money3 Corporation Limited, the stock has delivered the return of -15.74% in the span of previous 3 months.
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