I have done a bit of research through ASIC records. I find there are clear answers to my recent questions about the 'what and where' of Jermajesty Holdings.
On 29 April 2013 an application was lodged with ASIC to register the company Jermajesty Holdings Pty Ltd.
The company occupies Suite 1-3, Ground Floor, 107-111 High Street, Prahran Vic 3181 (this is, as we know, the address of GoConnect).
There are only two directors of Jermajesty Holdings - Jermaine Jacksun and Richard Li, who are as we also know two of the three directors of GCN.
There are also only two shareholders - Jacksun and GCN. In all, 80 shares have been issued. Of these 80, 20 have been bought by GCN.
However in its announcements GCN has repeatedly sold itself short, where it has stated that GCN has a 20% interest in Jermajesty Holdings. See, for example, the announcement of 7th November. Obviously GCN owns a 25% interest.
This is a minor discrepancy. It's odd, though, that it should have gone unnoticed, given the cosy accommodation arrangements for the director of Sino Investment Securites (SIS), GoConnect and Jermajesty Holdings. I have this Alice in Wonderland vision of Richard Li of SIS, advising himself at Jermajesty Holdings and advising himself at GoConnect.
Who asks the questions, I wonder. No conflict of interest, of course. But perhaps GCN shareholders could wish for an additional non-executive and independent director who might ask some hard questions on behalf of the special interests of GCN's shareholders. For example, is SIS the best company to be arranging the listing of Jermajesty Holdings? SIS was supposed to have been arranging the listing of Pharmasafe, Priority One, and First Mongolian. GCN shareholders had a strong financial stake in getting these companies listed. They are not listed.
Finally, there is no ultimate holding company for Jermajesty Holdings Pty Ltd. So no foreign controlling interest. Nor is there a later statement to ASIC that updates what I have summarised.
GCN Price at posting:
1.2¢ Sentiment: None Disclosure: Not Held
