Bouris’s Yellow Brick Road to suspend shares on late accounts


The company said its half-year reports would show a loss after tax, and it expected the auditor’s report would be «unqualified.» However, there would be a «non-cash impairment charge on the carrying value of the wealth management and lending business and various other assets across the group».

It said the write-down would be against its goodwill and intangible assets, and would have «no impact» on the underlying operations of the business.

«The impairment charge results from a detailed consideration of the goodwill and other intangible assets of the group in the context of recent events, including the royal commission, current and projected market conditions and the projected regulatory environment,» Yellow Brick Road said in an announcement.

Yellow Brick Road shares fell 11.5 per cent to 5.4c on Thursday but the announcement was released after the market had closed.

Mr Bouris, who is also a major shareholder in the business, last year flagged a push into mortgage securitisation, the method of financing he used at Wizard Home Loans in the 1990s. He told shareholders in November that the company would be «well placed to succeed, whatever the outcome of the royal commission and any subsequent regulatory changes».




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