Ann: Response to ASX Query, page-6

There are only two possible takeaways from HML's latest response:

1. The prospectus was drafted poorly / incorrectly and grossly misled investors to believe that the manager could not invest in unlisted securities.

2. HML are trying to cover ass and have adjusted (or bullsh1tting?) the management agreement to include a 10% cap on unlisted investments at the time of IPO. Remember HML telling the ASX they were not aware of JBFG's results, even though Stuart sat on both boards? I wouldn't put it past HML to blatantly lie...

Either option adds to the growing stench of this Investment Manager.

I hope for all shareholders's sake ASIC force a wind up of this company and assets are liquidated and returned