HML - Henry Morgan

[skc]

I agree on this. Most guys like this try and keep a low profile. These guys did the total opposite. They pumped themselves up through the AFR (who should have done better to sniff this out!) and even got involved in the HHL saga earlier in the year. That was bound to have other fund managers sniffing around their books, who probably tipped off ASIC. The whole operation was so over the top, it's almost like they wanted to be caught.

Yeah I could never figure out their end game. Did they think they can bundle some fringe financial companies together and flock off JB Financial in a real public IPO (i.e. IPO not backed by their own insider money)? Or were they going to attract more funds other new listed entities and then steal the money and exile on their pirate ships? Just bizarre.

But seriously, AFR....

I guess it was early January, and the journo was on holiday leave.

I can't wait to see how much money they actually made with their trading and global calls. My guess is fk all given how busy they were decorating their office with pirate themes and making up $hit.

 

[McLovin]

I can't wait to see how much money they actually made with their trading and global calls. My guess is fk all given how busy they were decorating their office with pirate themes and making up $hit.

Wouldn't that just be the NTA that the auditor signed off on. I mean they basically made some big swings on binary outcomes and they were right. Had it gone wrong it didn't really matter because they had the BS "proposed estimate" (I still LOL at that) of NTA to fall back on.

 

[skc]

Wouldn't that just be the NTA that the auditor signed off on. I mean they basically made some big swings on binary outcomes and they were right. Had it gone wrong it didn't really matter because they had the BS "proposed estimate" (I still LOL at that) of NTA to fall back on.

May be... but given the dodgy stuff they are doing, I put the probability of them actually trading anything to be low.

Most of the funds within the entity are insider money, so if they are not competent traders (a reasonable guess - if they were they'd be trading and not doing these unlisted revaluation fraud) they wouldn't just take random bets on global events, using their own money.

The half year report showed some profit but may be they could have closed profitable positions while keeping losses open and calling them hold to maturity or something like that?

We will soon find out.

 

[galumay]

Well that was an entertaining couple of pages of reading, I had never heard of HML previously. I shall await further instalments from you guys!

(You didnt just make all this up as some sort of ASF in joke, did you??)

 

[ansgar]

There's many defenders of the pirate crew... Even some people willing to invest in the JBFG IPO!

 

[McLovin]

There's many defenders of the pirate crew... Even some people willing to invest in the JBFG IPO!

The threads on HC about this are like a Monty Python sketch.

 

[McLovin]

I give these guys full marks for audacity. They have ASIC crawling all over them, they've been suspended for months, but they're still up for buying the franchise to an aviation themed chicken wing restaurant. It has the usual complex accounting to go with it. The master franchise, Birdzz, will pay US$1.1m to the brand owner Wingstop as a license fee. Of course Birdzz (which is wholly owned by Bartholomew Roberts Ltd – which is unlisted) doesn't have any money, and apparently neither does BRL, so they will issue a convertible note to JBL that converts or redeems in a year.

If BRL doesn't have any money, then why doesn't JBL, or HML just acquire the franchise rights. What is the point of the unlisted BRL or its subsidiary being involved in the transaction? I'm fairly confident that when the note becomes due it will be converted for shares in Birdzz, not redeemed for cash.

 

[galumay]

Now I am sure you are just making it all up McLovin!

 

[skc]

Now I am sure you are just making it all up McLovin!

You are aware that there are only a few individuals in this world who can claim to be an expert in trading global markets, managing fin techs AND know everything about fast food industry.

“This is a very exciting project for our food and beverage team. The chicken category is still to some degree under-served in Australia, and our research indicates that Wingstop’s proven success can be replicated in Australia and New Zealand. We have undertaken due diligence and planning over the last year to maximize this opportunity. The team’s burgeoning food and beverage management experience combined with its established real estate skills and financial management, places us in a strong position to rapidly expand the Wingstop brand”.

Quote from Stuart McAuliffe... captain of pirate gang and every industry on earth.

 

[McLovin]

You are aware that there are only a few individuals in this world who can claim to be an expert in trading global markets, managing fin techs AND know everything about fast food industry.

You can hear the man explaining all.

 

[padman]

Very interesting read ->
http://www.10footinvestor.com/tag/hml/

I can't believe how no action has been taken yet.

 

[greggles]

Henry Morgan not permitted to issue reduced content prospectus.

https://asic.gov.au/about-asic/medi...ed-from-issuing-a-reduced-content-prospectus/

Tuesday 19 June 2018

18-179MR ASIC restricts Henry Morgan Limited from issuing a reduced content prospectus

ASIC has restricted Henry Morgan Limited (HML) from eligibility to issue a reduced-content prospectus until 8 June 2019.

The decision means HML will not be able to rely on reduced-disclosure rules and instead must issue a full prospectus if it wishes to raise funds from retail investors.

ASIC's decision was based on HML’s failure to lodge a financial report, directors’ report and auditor’s report for the financial year ended 30 June 2017, within 3 months, as required by the Corporations Act.

ASIC considers the ability to use a reduced disclosure prospectus a privilege, one dependent on compliance with other aspects of the law, including companies meeting their on-going disclosure obligations.

Where a company fails to comply with its periodic disclosure obligations in a full, accurate and timely manner, ASIC will intervene to ensure that retail investors are protected. In such circumstances, subsequent fundraisings should occur only with the benefit of a full prospectus so that there is adequate disclosure of a company’s prospects and financial position.

HML has the right to appeal to the Administrative Appeals Tribunal for review of ASIC's decision.


Background

Under the law, a listed company can offer securities using a reduced content prospectus containing information relating only to the particular offer itself.

ASIC has the power to prevent a company from relying on these rules if the company breaches its continuous disclosure or financial reporting obligations.

HML’s full-year financial report, directors’ report and auditor’s report were required to be lodged with ASIC by 30 September 2017.

On this basis, ASIC made a determination under section 713(6) of the Corporations Act excluding HML from relying on section 713 of the Act for 12 months, until 8 June 2019.

HML has been suspended from trading on the ASX Limited since 9 June 2017.

 

[McLovin]

This company has been suspended for over 12 months. They shouldn't be allowed to raise money from retail investors, period.

 

[greggles]

This company has been suspended for over 12 months. They shouldn't be allowed to raise money from retail investors, period.

Do you think HML will ever re-list? I can't quite figure out what they're up to. The back and forth between HML and the ASX in four installments between March and May this year is some of the most bizarre correspondence I've seen in that context.

I don't get the pirate thing either. Henry Morgan. Bartholomew Roberts. WTF?

 

[McLovin]

Do you think HML will ever re-list? I can't quite figure out what they're up to.

Probably not. Just look at the please explain that the ASX sent to the HML yesterday. And this morning the terms for what is basically a related party transaction are released. In May HML said it was to receive $79.16m made up of $67.16m in cash and the rest as a convertible note for the sale of JB Financial to JBH. Today the terms are actually that JBH will issue a put option to HML that can be exercised at any time in the next five years for $67.16m (so probably never) and a $12m convertible note paying 4.1%. Quite a different scenario. You can connect the dots.

 

[greggles]

Probably not.

They certainly get points for trying though.

21 June 2018
Update – Request to lift voluntary suspension

Following release of the results of the NTA Review and its response to subsequent ASX queries, the Company submitted a request to lift the voluntary suspension of trading in its securities on Tuesday, 19 June 2018.

The Company is awaiting a response from the ASX.

Further details will be provided once they become available.

I'm looking forward to the ASX's response.

 

[greggles]

The ASX is still playing hardball with HML. No dice.