Ann: Letter to Shareholders, page-2

I got caught out with HPP. The warning signs were there in abundance... I didn't take action. Lessons learned!

But it seems not much has changed at HPP since they sold the macadamia business. My impression remains that it's a tired old company, slow to react to changing circumstances, low energy, and seemingly without a coherent long-term vision.

In May this year, it finally got the money it was owed by the US tax agency from the sale of its Hawaii macadamia business. From the letter to shareholders:

Now, nearly a month later, HPP is still suspended from trading on the ASX. From the letter to shareholders:

Commence consultations with the ASX now? Why wasn't this arranged beforehand with the ASX? They've had over two years.


Why hadn't the finances been all-but-finalised already? They've had ample time. All they needed to do is add cash of US$3.38m.

All up, the slow pace of activity, and a board that seemingly has been caught sitting on its hands, doesn't inspire any renewed confidence in HPP.

My preference is that the board wind up the company ASAP and return all surplus net assets to shareholders.