Well this is just sickening! What a joke the ASC and ASIC are.

It's been quite obvious to me for some time that Huntley and Aurora have been working hand in hand to take this company from the hands of long-suffering shareholders:

• Huntley causes the stock to be delisted back in April of 2019, because, supposedly, they're having problems auditing the 2018 annual financials. Despite another 6 months passing they still haven't finished the 2018 annual financials. And then they play the same game with the 2019 half-year financial report; it's not completed until December 2019. All the while they give little indication of when they'll attempt to relist RNY: On 1 April 2019, RNY was suspended from trading on the ASX, pending the release of its audited financialstatements for the year ended 31 December 2018. Following the release of the 2018 Full Year Statutory Accountson 5 November 2019 and the Half Yearly Report and Accounts on 11 December 2019, the suspension has stillnot been lifted. Huntley has been working with ASX to have the suspension lifted. We're close to July 2020 now and RNY is still suspended. Why the lack of will and urgency to get this company reinstated? IMHO the intention here is to exhaust the remaining shareholders so as to make them so sick of the stock that they'll exit it at the first opportunity upon lifting the suspension, even if that means selling their shares at a huge discount to NTA.

• By September 2019 things are starting to look real nice for RNY: The independent valuation of RNY’s 5 commercial office properties in the Tristate area of New York (“Portfolio”), as conducted by CBRE Group, Inc(“CBRE”), resulted the overall valuation being increased from US$68.8 millionto US$79.5 million.▪ As a consequence of this uplift in the Portfolio’s valuation, RNY’s unauditednet asset position is circa 4.9 cents per RNY unit as at 30 June 2019.

Yes that's correct, our NTA increased 250% from 2c to 5c by the end of June 2019. That is 10 times the last traded share price of 0.5 cents.

• Things get even better for RNY by the end of 2019: Revenue up 1,473% to $9.3 million; Net profit up 651% to $8.2 million! Basic annual profit per unit: 3.13 cents! That's a profit of 6 times the last trading price of RNY, in a single year. Yet strangely I can't find a single mention of NTA anywhere in the report or subsequent releases. Are we up around 8 cents NTA by Dec 2019?? Normally a company is more than happy to trumpet an increasing NTA metric at any and all opportunities. Why not Huntley?
• Given the significant uplift in the financial health of the company you would think that Huntley would be talking in glowing terms about RNY. But no. All of Huntley's releases appear to be devoid of positivity (deliberately I suspect). We don't want to give the shareholders any hope before we "steal" this company from them.
• Great time to end the suspension and do a cap raise? Relisting would most likely see RNY's share price fly from 0.5c to around 5 to 8c, so that would be a perfect time to cap raise and pay down debt. But not so fast; Huntley has other plans that don't involve sharing any wealth with long-suffering shareholders.

If by the end of 2019 it wasn't already clear to shareholders the true intentions of Huntley and Aurora, all was made clear (to me at least) by February 2020:

• Huntley takes a loan from Aurora at an especially high "nudge nudge, wink wink" rate of 15% per annum, at a time of historically low and even negative interest rates world wide. 15%! They make no attempt whatsoever to raise capital from shareholders, despite the fact that doing so would be financially advantageous to the company. Did they even try to raise funds at a cheaper rate? If not, why not? If so, I'd like to see evidence of who they asked and what the offered rates were.
• Imagine that: Aurora, the investment and asset manager of RNY, a company that is supposed to be managing RNY in the best interests of shareholders, decides to arrange an extremely costly loan from itself (effectively), and Huntley (the RE of RNY) agrees to that, rather than reinstate the shares and do a cap raise from shareholders. I wonder why?

And finally, today, all is revealed. Despite our shares probably having an NTA of around 8 cents per share (my estimate), KeyBridge (who own Aurora) decides to do us the courtesy of offering us 1.1 cents per share via an all script bid. They claim that the offer is a 220% premium to the last traded share price, and technically, it is. However, let's not forget:

• RNY shares were last trading back in 2018, over 18 months ago, and when it was making yearly losses, and with the risk of insolvency high. Comparing their offer to such a "stale" share price and claiming a 220% premium is clearly deceptive IMHO.
• I feel the share price has been deliberately kept in suspension so as to induce shareholder fatigue and thus promote a smooth low-ball takeover. It's been kept in suspension during a period where RNY has made successive large profits that have resulted in huge increases in NTA per share. It is still in suspension as we speak; over 18 months have passed since it went into suspension. No chance of price discovery during that time, despite an NTA that is probably around 10 times or more higher than the last trading price.
• Despite the December 2019 NTA of 5 cents being public knowledge, Keybridge chooses to not reference their puny 1.1 cent script (not cash) offer to that metric. I guess "our offer is a 78% discount to the most recent NTA" doesn't sound quite as good, does it.

If Huntley don't immediately attack this most insulting of offers, and instead passively or even actively promote it, you'll know there's the possibility of collusion occurring IMHO. How can one even consider supporting a takeover offer when the shares haven't traded for 18 months? And why the hell, even after 18 months, hasn't the ASX forced a timetable to reinstatement on these guys.

Let's not forget who we're dealing with:

ASIC investigates Nick Bolton

https://www.copyright link/companies/asic-investigates-nick-bolton-20180426-h0z9j7

All IMHO (in my humble opinion).