It is a bit early to ask but I can say that the way our new...

It is a bit early to ask but I can say that the way our new directors are approaching the problem is prudent: taking control of one entity (BHD) first to see what hurdles the former directors throw at them, then they know what to expect for the second one (HML) and can circumvent some of the issues (such as the 249F proceedings that we saw for the BHD EGM). This makes much more sense than trying to take control of both at the same time and jumping two sets of hurdles instead of just one.

As for when, that depends on how quickly BHD can be turned around. Working on the assumption that the former directors are not happy about being kicked out and will be doing everything within their power to make the job of our new directors as difficult as possible, we'll just need to wait and see what happens.

One other thing to keep in mind is that there is a shadow of doubt as to the true value of HML. The most recent NTA report says HML's pre-tax NTA is "estimated" to be around $1.02. Remember that over 90% of this figure is made up of unlisted assets that may not be worth anywhere near what the HML directors value them at. If 95% of that $1.02 does turn out to be just smoke and mirrors, we may be looking at doing an autopsy for HML rather than a rescue mission.

Just my opinion, but at this stage I think HML shareholders should consider keeping their schedules free around late November this year, and maybe plan a trip to Brisbane to attend the HML AGM. McAuliffe and his crew may have been able to avoid facing shareholders at the BHD EGM on the 13th, but they can't avoid us forever.