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YBR to change its name to NonADI Holdings

28 July 2014 3:51PM
Yellow Brick Road is proposing to change its name to NonADI Holdings Ltd, to reflect the fact that it plans to operate a diverse financial services distribution business under a number of different brands.On Friday, the company issued a notice of extraordinary general meeting to deal with a number of issues related to its acquisitions of the mortgage aggregator Vow Financial Holdings and the loan originator Resi Mortgage Corp. One of the resolutions in the notice was a motion to approve the name change.In a background statement explaining the resolution, YBR said the plan was for the Vow and Resi businesses to be run by their existing management teams and to operate under their current names. YBR said: "The directors believe that, as the holding company of a broader group of financial services companies, including Yellow Brick Road, Vow and Resi, the company should have a name that is not just linked to one of those brands and that it should have a name that informs the market that it is the intention of the group to be a disruptive presence in the financial services market."Among the other resolutions to be put to shareholders at the EGM, YBR is seeking approval to acquire Macquarie Group's shares in Vow (Macquarie has substantial holdings in both Vow and YBR).YBR is also seeking approval for issues of shares to Vow and Resi shareholders, and an issue of shares to Golden Wealth Holdings, a company controlled by YBR's executive chairman Mark Bouris.

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