JCallaway, I hope your aspirations for a higher price of NET come true. I doubt it very very much.
You stated that "NET, led by a Financial professional that has run a Large Investment pool for so many years, knows a good due diligence report is essential, ". There is a serious problem with this statement. The CEO of NET, if oyu look up his LInked In profile was also the CEO of Strategic Capital Management (SCM). The investors in SCM were not impressed.
One of the investors had SCM wound up!
https://insolvencynotices.asic.gov.au/browsesearch-notices/notice-details/STRATEGIC-CAPITAL-MANAGEMENT-LTD-092936902/39689447-cf4b-41eb-b669-1cab9a043ca6The text is copied below:
"Corporations Act 2001Paragraph 465A(c)Regulation 5.4.01ANOTICE OF APPLICATION FOR WINDING UP ORDERCompany detailsCompany:STRATEGIC CAPITAL MANAGEMENT LTDACN:092 936 902An application for the winding up of STRATEGIC CAPITAL MANAGEMENT LTD was commenced by the plaintiff KFT INVESTMENTS PTY LTD on 16/06/2016 and will be heard as set out below.Hearing detailsThe details of the hearing are:Court:SupremeDistrict/State:New South WalesPlace:Queens Square, 184 Phillip St, Sydney NSW 2000,Date and time:9.00AM, 13 July 2016Action number:178189 of 2016Copies of documents filed may be obtained from the plaintiff's address for service.Plaintiff's detailsPlaintiff's address for service
lace:C/o- Shanahan Tudhope Lawyers - Agent of Kalus Kenny Intelex Lawyers60 Carrington StreetSydney NSW 2000Telephone:02 9262 2888Facsimile:02 9299 4488Any person intending to appear at the hearing must file a notice of appearance in accordance with the rules, together with any affidavit on which the person intends to rely, and serve a copy of the notice and any affidavit on the plaintiff at the plaintiff's address for service at least 3 days before the fixed date for the hearing."
If you ring the offices of SCM as per the whitepages listing there is no answer.
If the CEO of NET was so good at due diligence as you suggest how do you explain that the Fund Management Company (and I am generous with this description) went bust?
(20min delay)