John_utah, the property was purchased by Chairperson and CEO (20A Benelong Rd, Bellevue Hill), via a private company (MBW Property Pty Ltd). AGMPL (privately held company that are directors) then rented the rear office space (24 Birriga Rd, Bellevue Hill) to QBL/CGB for approx $180k per annum.
Meanwhile said directors were living in 20A Benelong Rd.
So the first thing is that shareholders were paying a very large chuck of coin for the privilege to rent an office out the back of mum and sons house (for between 4 and 5 years). Secondly, they have now moved out and are developing the property and will stand to pocket a few extra million for their troubles.
Do you think this was an arms length transaction that benefitted all shareholders of QBL/CGB?
CGB Price at posting:
3.0¢ Sentiment: None Disclosure: Held
