Mortgage Advice Bureau(Holdings)PLC Australilan Joint Venture (4222R)
09 Décembre 2016 - 8:00AM
UK Regulatory
TIDMMAB1
RNS Number : 4222R
Mortgage Advice Bureau(Holdings)PLC
09 December 2016
Mortgage Advice Bureau (Holdings) plc ("MAB" or the
"Company")
9 December 2016
Australian Joint Venture
Further to MAB's interim results announcement on 28 September
2016, MAB is pleased to announce that it has completed its
investment in its new joint venture in Australia, MAB Broker
Services Pty Ltd ("MAB Broker Services"). MAB has entered into this
new joint venture with Mortgageport Management PTY Limited
("Mortgageport"), a mortgage manager and mortgage broker based in
Sydney. MAB and Mortgageport have each subscribed for interests of
45% in MAB Broker Services for consideration of A$4,500 each, with
the remainder of the shares being held by senior management of MAB
Broker Services, including Darren Cantor, Managing Director
(General Manager Director of Mortgageport), and Steve Weston,
Non-Executive Director. Steve is an Australian national who is the
former CEO of Mortgages for Barclays Bank plc in the UK and has had
held senior positions in the mortgage operations of St. George Bank
and Challenger Financial Services in Australia.
The initial introducer to MAB Broker Services will be
Purplebricks Australia. MAB and Mortgageport will each be providing
initial funding to MAB Broker Services via loans of A$0.25m (c.
GBP0.15m) each and MAB and Mortgageport will provide further loan
funding to MAB Broker Services of up to A$0.25m (c. GBP0.15m) each
in the first year of trading should it be required. MAB's
investment into MAB Broker Services has been and will be funded out
of the Company's existing cash resources.
MAB Broker Services will trade under the Mortgage Advice Bureau
brand and will offer independent mortgage advice, with protection
at the core of its proposition, consistent with MAB's UK business
model. The joint venture will leverage many of the proven systems
and processes adopted by MAB in the UK, with centralised lead
generation, and telephone and regionally based advisers combining
to deliver a comprehensive service to the Australian public.
Peter Brodnicki, Chief Executive, commented:
"As in the UK, our model in Australia is all about the customer
experience and providing consumers with the choice of how they
receive information and advice, and how they transact. Average
property prices and mortgage sizes are higher in Australia than in
the UK, with procuration fees also higher.
"We see many opportunities for the new business, which will
benefit from our wealth of experience in the UK. The intermediary
sector in Australia is yet to be the subject of regulatory change
to the extent seen in the UK. We anticipate that this is likely to
happen at some point in the future, and we will be well positioned
to take advantage of the opportunities that we would expect to
arise.
"Against this backdrop, and with a partner of the quality and
ambition of Mortgageport, our partnership with Purplebricks, and
Steve Weston's continued involvement, we believe that the timing to
test our expertise overseas in an attractive market couldn't be
better."
Enquiries:
Mortgage Advice Bureau (Holdings) plc +44 (0)1332 525007
Peter Brodnicki, Chief Executive Officer
David Preece, Chief Operating Officer
Lucy Tilley, Finance Director
Nominated Adviser and Joint Broker:
Zeus Capital +44 (0)20 3829 5000
Martin Green
Nicholas How
Pippa Underwood
Joint Broker:
Canaccord Genuity +44 (0)20 7523 8350
Andrew Buchanan
Kit Stephenson
Richard Andrews
Media Enquiries:
investorrelations@mab.org.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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