Friday, February 27, 2009

More curious Hedley transactions

A quick scribbled post which again will try to update and edit later just looking at Hedley’s HLG half yearly released to ASX this morning and page 2 has this:

“Unauthorised payments to the manager (Tom Hedley's private interests-ed) during the half-year amounting to $1.144 million as set out in note 2 to the financial statements were repaid with interest by the manager immediately after the manager became aware of them”

It seems from note 2 they only became aware of this rather recently post year end so maybe the auditor did actually look at the numbers ....... no wonder Hedley CFO Donnelly is no longer on the HLG board having resigned on 5 February. Todays announcement also reveals that Donnelly also resigned as CFO of HLG (which presumably means the management company) on 18th February. There was no ASX announcement of this resignation at the time.

Hmmmmmmmmm ......

Also of interest in a market update from NLG, the NSW pub tenant of HLG, where Tom has seen the value of his 20% stake diminish to a number disturbingly close to zero, is that they are to take on the outsourced management of all Hedz pubs.

Having dropped into the Hedley property sales office last week to confirm that there are no new projects currently planned beyond those currently going, and that the Aplin St block at the end of the Oasis is back on the market after Tom backed out and didn’t settle on it last year, we wonder if there is much work left for the boys to do down in Aumuller St now that Tom is no longer CEO of the HLG manager either?

Update: We have email confirmation direct from the bunker that Hedley's financial wunderkind Stephen Donnelly departed on Feb 16. Curiously 2 days before indicated in the official ASX announcement today? Maybe nobody noticed him missing for 2 days? Can't wait to see the Cairns Post report .....