AN1 shareholders are looking likely to get 99% screwed in this so called “ restructure” whether a White Night is rolled in from stage left or a voluntary administrator appears from stage right.
The Board of HNG, the virtual parent company of AN1, is presumably behind this last throw of the dice. Just as it is arguably responsible and to be held accountable by ASIC for the directors’ behaviour (including AN1’s M&A HNG instigated) since its advent and their representation after representation they’d turn AN1 around to profitability.
After all, the incumbents told us repeatedly that they ( directors and management) leading HNG fiefdom were specialists in business recovery and past successful M&A deals leading us to believe on the basis of their word that AN1’s financial position was on track and its bright future was in their experienced and capable hands. The failed outcome doesn’t look anything like we were promised.
Is it the case that HNG simply didn’t see ( even being on the inside) this AN1 apparent liquidity crisis unfolding whilst it pursued its M&A focus elsewhere and, despite its expressed expertise in this area of commercial plight, has had no apparent solution, no lifeline from HNG the effective controller for years, other than another deal.
Despite the circumstances HNG has provided no information or explanation about what’s really going on and the factors behind it. Has AN1 been trading while insolvent? Has the market had adequate and honest disclosures over recent years? HNG and AN1 have been silent in the face of ongoing requests for clarification.
Does this silent shocking collapse of AN1 reflect on HNG? Query the sustainability of the HNG business model going forward.
AN1 Price at posting:
0.8¢ Sentiment: Sell Disclosure: Held
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