Fair points Captain but Crole was MD of Deakin when they reported a $9m loss and then they moved him on after being MD for only a year and a bit. He has a pretty patchy history. I think Jones may be aggrieved that Crole lays claim to founding Deakin and Interprac neither of which are true, but there may be more.
Pattern is repeating now with the disastrous acquisition of ********* and a heap of losses on the balance sheet from bad investments. I think its about $1.5m. Then there is the terrible performance of the model portfolio's, the odd disappearance of the COO, the lack of updates on the $2m insurance claim, which may have been excluded from the policy, the large decline in adviser numbers, the huge drop in cash from the $40m which is now $18m, the lack of updates in the legal case with McGowan. The operating cash flow is terrible. The broking, corporate advisory and media business are losing money.
Its only a matter of time before the structured products blow up and Garry sold Morrisons just after Pershing pulled out of the market and the Morrisons afsl's grew from 26 to 56 with no additional costs associated. Also the $40.5m was gross of the $7.2 cash held in Morrisons. Garry actually stated there would be $40 net after tax. Now he is blowing through that buying tiny adviser books to replace the revenue and miraculously he is somehow going to be at 500 advisers by 2026. Professional Planner says its 346, down from over 400.
I think Garry is the only person who thinks Garry is doing a good job. Why on earth he wasn't talking to his Chairman I have no idea? Maybe all of the above were an issue at Board level?
Garry blew the Paragem deal, and wont entertain a merger with CAF or WTL unless he runs the whole group, which neither of those groups want as they know this history. So one individual is costing the company future growth prospects.
Yeah Glennon is a dud, and Jones, I don't know but the NTAA is still going as is Interprac, which is more than we can say for money planners, and the Deakin operational business inside DKN, that Garry ran for 14 months was shut down, (they kept the businesses acquired after Garry left, being Platinum) as was the broking business he bought back then. His career at Deakin seems to be forgotten. I was a shareholder.
SEQ underperformed Diverga and FID are they peers?
Think glennon been there for a while also, from a quick google search, 4 years and Jones as long as crole and longer with Interprac.
If history shows anything I'd guess that Jones/Glennon will do exactly what Rob Hunwick did at Deakin, chop Crole, and build a sustainable business, not a house of cards. As I said history repeats itself.
DYOR
SEQ Price at posting:
53.5¢ Sentiment: Hold Disclosure: Held
