Well I always love replies that don't actually give the accurate numbers in response to allegations of inaccuracy:
Firstly its amazing how selective we can be: We point out again how well we have done for the past 5 years but then in addressing the share trading / Investment losses we suddenly use 6 years - guess why. - because in 2018 we made a profit of $479866. I must say I am disappointed that management would have been this selective. If you start at 2018 the profit after tax was $2369718 and 2023 (excluding Abnormal items) - this was in fact a loss of $766374 - This is straight from page 47 of the 2023 AFS. The presentation - well I cannot reconcile the presentation as it refers to $4.1 million whereas I can only see 2 one is impairment of intangible assets $1.67 million and consideration for business acquired of $1.494 million. I have never heard of the second one. So I have no idea how you can call this growth.
I suppose I have to admit my own failing and its that I could not have done a great job in my assessment given all this gaps in reconciling the results.
So the losses on shares: Firstly now that 2018 was good then they include them however add up the table. They still lost $188,976 since 2018 to 1 May 2024. This loss despite the fact that the all share increased over the same period by 24.8%. So this is the quality of the investment committee - I wonder who constitutes the investment committee.
"The share portfolio pre-dates SEQ’s ownership of Interprac." - So what is this meant to mean that Interprac ran this before and thus the SEQ board doesn't take responsibility or are they saying that this is an interprac problem - I just don't understand the relevance of saying this. This is a very important letter so every sentence would be relevant...Now this portfolio is in orderly winddown. Why? and if it is it has been performing badly at a level you would have expected management and the board to have focused upon it a lot earlier. - This is just my opinion. I certainly missed this but I didn't have access to the records...
"There are appropriate controls around trading of the portfolio and any acquisitions require Board approval." - In light of this the board is totally responsible for all the share trading/ investments. Given the performance its not something I would highlight as positive to the defense team??? Maybe I am not understanding what they are saying - anyone have any ideas.
The advisors - Wow I really don't have any idea what to conclude - there are advisors not registered or are general advisors and 24 are studying. Really this is as clear as mud. Maybe this is reflective of the industry but I have no idea how to measure the actual growth or decline in numbers and isn't there another better set of numbers - I am sure that Netwealth ( although not directly comparable) would not be having this issue. I have an investment in FID and I have never felt that I could not understand the performance.
I cannot see how after spending $26 million after having delivered $2.6 million after tax 2018 then I would have expected a 15% return so around 10% after tax - that would mean almost doubling to $5.2 million... I don't see this as an accurate refection of performance - The company raises new areas in presentations and then they disappear.
I just don't understand how it's so hard to give an easy reflection of the company's performance.
As regards when and how many shares were accumulated - its irrelevant. The fact is that GC1 has owned shares in number since 2018 - they are a LIC and will buy and sell all the time. I think MG deserves credit for selling a lot at some point - I sold all of ours.
Why am I doing this ? Simply put I have to do a better job in my research and not just accept nice looking presentations - In fact if I was in some power I would require Auditors to review the annual presentation and confirm its accuracy.
These are all my own personal views and opinions - I do not have access to the books and records so have to rely on the data both sides have put out.
- Forums
- ASX - By Stock
- SEQ
- Ann: EGM 4 June - Response to Letter from Jones & Glennon
Ann: EGM 4 June - Response to Letter from Jones & Glennon, page-2
-
- There are more pages in this discussion • 35 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add SEQ (ASX) to my watchlist
(20min delay)
|
|||||
Last
42.0¢ |
Change
-0.030(6.67%) |
Mkt cap ! $53.76M |
Open | High | Low | Value | Volume |
44.0¢ | 44.0¢ | 42.0¢ | $319.5K | 740.9K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 19397 | 42.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
43.0¢ | 30058 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 19397 | 0.420 |
1 | 50000 | 0.415 |
1 | 25000 | 0.410 |
1 | 35000 | 0.405 |
1 | 1600 | 0.320 |
Price($) | Vol. | No. |
---|---|---|
0.430 | 30058 | 1 |
0.440 | 15000 | 1 |
0.450 | 87642 | 5 |
0.460 | 6815 | 1 |
0.470 | 102486 | 2 |
Last trade - 16.10pm 05/08/2024 (20 minute delay) ? |
Featured News
SEQ (ASX) Chart |