I've had a brief gander at the section titled JBL Profile.
A couple of things I found that I wasn't aware of :
BHD made yet another loan in December 2018(during the takeover period), this time to Genesis Proprietary Trading Pty Ltd for $800k
JBL entered into an unsecured facility with JB Financial Group for up to $7m. $4.5m was drawn down to pay the BHD loan.
JBL sounds like a company I can't wait to own stock in They're madly juggling money around trying to keep all the balls in the air.
Another interesting thing I noted(I guess I missed it when I first read about this) was Partners for Growth have security over JB Financial's and it's subsidiaries assets, excluding certain assets for the $7m loan to JBL. How can JBL give them security over the assets of JB Financial when we(HML) own almost 20% of it directly plus more through Bartholomew Roberts almost 33% holding of JB Financial? If JBL goes broke and can't pay it's $7m loan, we get screwed too?
HML Price at posting:
$1.99 Sentiment: Sell Disclosure: Held
They're madly juggling money around trying to keep all the balls in the air.
