HML (ASX) 10ft Target

Originally posted by molim ↑

Let me know if any of the below is an attack, dribble or just facts extracted from the public disclosures of the companies in question:

- The JBFG shares that it is buying back were sold to HML for $6.3m
- The BRL shares it is buying were sold to HML for $4.1m
- Those JBFG shares were revalued to $29m
- The BRL holding was revalued to $14m
- BRL bought 60% of R&S for $1.6m, then it spend another $10m acquiring the other 40%.
- BRL then sold all its shares in R&S to JBFG, for $24m worth of shares in R&S
- The revaluation of BRL is largely driven by the issue of JBFG shares
- The revaluations of JBFG have largely been based on the price at which it has issued its shares.
- BRL now holds 32% of JBFG, as well as the rights to wingzzzz
- BRL owes $7m to JBL
- JBL owns over half of the shares of BRL
- JBFG has net tangible assets of less than $1.
- JBFG lost over $3m last year
- HML has an exclusive brokerage arrangement with JB Trading House, to whom it has paid $1.4m in brokerage in FY18 for trading gains of 500k. JB Trading House currently doesn't make any money from unrelated parties.
- HML is selling the put option to JBFG for $1 - a figure greater than the NTA of JBFG - yet it has been valued at $20m by Leadenhall
- JBFG has never raised nor earned the $67m that HML have told the market that JBFG will use to buy back shares in itself and BRL
- HML expects that an option it is selling for $1 ought to increase its NTA..
- the valuation of the JBFG businesses in the IER are based on forecasts which represent a significant improvement on their current performance
- HML have already had to retract claims about forecasts of JBFG's financial performance for which they did not have a particularly reasonable basis by ASIC
- The top 6 shareholders of JBFG hold 75% of its capital and are parties related to JBL, HML, BRL, BHD et al
- The top 3 shareholders of BRL hold 95% of its capital and are parties related to JBL, HML, BHD et al
- BRL currently has $35k in cash
- the current liabilities of JBFG are $5m more than its current assets
- JBFG's most recent capital raising was... an issue of $3.3m worth of shares to JBL
- the ASX told HML that they needed shareholder approval for its purchase of $2.4m worth of shares in JBL - instead of doing that, HML said JBL would acquire them via the on-market buy back being run
- BHD said they would do the same for the $1m in shares it had bought in JBL
- HML & JBL both announced the buyback had been completed
- There is no evidence of the buyback being completed on market. ASX have asked HML, who kinda just don't know.

But yeah! take the blogger to the cleaners! Show 'em who's boss.

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