Ann: Net Tangible Asset Backing, page-8

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guy7yug

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21/05/19

10:58

Post #: 38665243
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Originally posted by jim.rogers: ↑

The NSX is really tightening its grip on JBL and asking some brutal questions with JBL pretty much refusing to answer.
https://hotcopper.com.au/threads/ann-response-to-general-disclosure-query-price-sensitive.4766287/

Here is 1 of the questions and response-

Question:
"As investment manager the Company is requested to explain why in August 2016 Henry Morgan Limited acquired 300 shares in JB Financial Group Pty Ltd by way of transfer from Bartholomew Roberts Pty Ltd at $167 per share, then in December 2016 paid $26,595.74 per share? How was the purchase price of $167 per share determined to be reasonable by the Company? Was any consideration given to the fact that Bartholomew Roberts Pty Ltd received those shares at $1 per share on 11 July 2016?"
Response:
"The Company notes that the Investments took place almost 29 months ago. The investment processes associated with those Investments commenced prior to the actual Investment itself. The Company is not required to maintain historical records of discussions to the level of granularity required to respond to NSX’s queries. Accordingly, the Company is not able to provide further details regarding the individuals who initiated the investment processes or liaised with JB Financial Group to facilitate every investment it undertakes or recommends."

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Far out (was thinking of a different more crass phrase), these guys are unbelievable.

I cant understand how the regulators have not stepped in yet.

HML Price at posting: $1.99 Sentiment: None Disclosure: Held
6 Upvote

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Ann: Net Tangible Asset Backing, page-8

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