Wednesday, November 4, 2009

more funny things in this years annual reports

The very last page of the NLG annual report where Stephen Scott Donnelly pops up as a holder of unquoted options securities? Stephen was the one who quickly disappeared from Hedley and HLG as CFO shortly after some unauthorised transactions earlier this year and a few months before the Hedley collapse!

NLG is the largest tenant of the HLG (ex-hedley) pub fund where the corporate shenanigans attracted the interest of some prominent journo’s some time back such as Bryan Frith in The Oz! Hedley himself holds smack on the 19.99% takeover limit as a holder of NLG (now with receivers) lly?

These options were issued to Hedley back in 2007 as part of the deal that created NLG as the leaseholder and HLG as the pub freeholder. The options are conditional on Hedley buying more pubs and leasing them to NLG which I would have thought now unlikely. Just another of te many conflicts inherent in the HLG float that should have flashed warning lights.

Curious how and why the options ended up with Donnelly ...,,,


Unquoted equity securities
Options expiring 22 June 2011 with an exercise price of $0.48
There are 4 holders with more than 100,001 options, holding a total of 18,000,000 options. There are no other
holders in this class of options.
Holder Number %
Stephen Scott Donnelly 9,000,000 50.00
Options expiring 22 December 2011 with an exercise price of $0.53
There are 4 holders with more than 100,001 options, holding a total of 6,000,000 options. There are no other
holders in this class of options.
Holder Number %
Stephen Scott Donnelly 3,000,000 50.00
Options expiring 22 June 2012 with an exercise price of $0.58
There are 4 holders with more than 100,001 options, holding a total of 6,000,000 options. There are no other
holders in this class of options.
Holder Number %
Stephen Scott Donnelly 3,000,000 50.00

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