One thing I'd take issue with is that they strayed beyond their stated investment remit. They did do this - the initial investment in JBFG seems to have been made before the general meeting in which they expanded the remit. My presumption is they took the small stake in JBFG, realised it was beyond their remit and could lead to issues, held a meeting to resolve that, and then invested a larger stake.
But, that initial investment was tiny and it was only after expanding the remit that they invested further and then we also started getting news of restaurants and the like. Anybody who was in HML from before that time and didn't like the expanded remit had months to sell at a big profit if they didn't want to be in this. Anybody who was in HML after that time and didn't know the unlisted investments were happening was clearly not reading the public ASX announcments being made. In terms of the unlisted investments, I think we were reasonably well informed that they were happening, but obviously not about exact details and valuations. We had plenty of time to sell at a good price if we were getting nervous (I took profits during this period for that reason, but still kept a core parcel).
HML Price at posting:
$1.99 Sentiment: Hold Disclosure: Held
