Gemworth Mortgage purchased

I have added Gemworth Mortgage (ASX:GMA) to the portfolio. GMA is recently listed provider of mortgage insurance to the Australian residential property market. Given their conservative practices (e.g. the will only provide insurance on low doc loans up to 80% LTV) and the increasing demand from foreign investors for Australian property, I am reasonably optimistic that the company will at least meet its prospectus forecasts. The prospect of a 25 cps annual dividend in FY2015 with (probably) full franking credits (7.5% yield) makes this a very appealing addition to the portfolio. I can also see it being of interest to Australia's self-managed super schemes.

I paid AUD3.29 per share.

Edit: I purchased additional AUD to make the purchase.