500% Below Value ?? Balance Sheet Says "Yes"!, page-2

MrTop5

Unfortunately there is the issue of Management and that is where the whole calculation falls down and if you have the time, please feel free to read the historical horror story that is QUE/OEQ/SRK/BEL/AUQ. What a conglomerate - has been a massive destruction of wealth by a couple of Directors who refuse any Independence on the controlling board...except for the faithful servant "Victor". The gravy train called Director Fees just keeps rolling down that track. Name me a company that someone has 25% shareholding and can't get a seat on the board - QUE.

Khan and Co control QUE, who controls OEQ, who controls BEL , who control SRK etc.... you get the drift. Congratulations to MPO who got out of the clutches.

What do all these companies do - not much, even the annual reports etc are regurgitated and a few words, dates etc are altered each year. No doubt that is what keeps Victor busy all year.

Just so you are not fooled like the authorities, Khan and Khan (Farooq and Yaqoob) have a sister and brother in law called Chaudhri who apparently are not associates (read BEL 6/7/2011 with regards to the takeover panel) and when you start to look at the combined holdings, they control the lot. But they would have you believe that there is no connection. To this date they still do not show "combined family ownership" on top 20 lists or substantial shareholder notices.

To answer some of your queries - the house in Mandurah WA - that could be the house that Mr Khan has been living in.... worth a read of the AFR article of 30/9/13 called "King of the underperformers". Yes Farooq, it was about you.

The Failed Olive Farm they bought - well IMO that would make a great weekender in the country wouldn't it ? They have only ever lost money on the Olives but maybe one day the water rights may be worth something. Don't hold your breathe.

The discount to NTA you mention is largely correct, however on a serious note - do some "deep" research before looking at any of the companies mentioned. I see some poor sucker bought some OEQ shares today. Maybe its part of the family who just continue to increase the level of ownership.

Oh and Khan is a lawyer so be very factual with any replies you make . I will take my tongue in cheek comments above and head on out to the pub for a beer. DYOR

Cheers