ALLIED BRANDS PHONY SHARE RUNUP INVESTIGATED BY THE ASX - INSIDERS AT IT AGAIN?

The Australian Stock Exchange and ASIC has now an open investigation into the persons involved in the massive share price runup attempt by Allied Brands Ltd. (ABQ) the last few days. While the runup attempt has been unsuccessful, over 3 million shares have traded (the phrase "changed hands" may be incorrect) which is over 20% of the shares traded THIS YEAR.

Allied Brands has proffered two possible explanations so far to the market. A "positive" story about the known-dodgy Rivkin Report - a discredited journal mates use to promote their shares, even less respected since Rene Rivkin was jailed for fraud, and then died at his own hand. They also point to Retail Food Group's announced performance for the year and somehow think that investors can be tricked into believing that this will be the case when ABQ announces.

IT'S ALL BULLSHIT.

Even if Allied Brands meets their guidance, this will reflect a collapse in the primary business of Baskin Robbins and Cookie Man, both of which have seen a collapse in sales and exodus of failed franchisees. In order to HIDE this exodus, Allied Brands has taken over these failed locations and is running them (at a loss) themselves.

With the ease of "commingling" the performance figures with these failing brands along with the well-run operations of Awesome Water and Kenny's Card shops, ABQ believes they can "trick" the investors into accepting this failed performance.

This is typical Allied Brands hype. Numbers will be released with accolades by management shill Peter Graham, then as the analysts really delve into the details they will discover the dodgy figures, the shops the company can't onsell, the insider mates deals, and other shoddy reporting. And the shares will collapse even further.

The ASX has put the auditors on notice that their work is going to be subjected to high level of scrutiny this year due to the level of complaints against the company. Accountancy Hackett's company have been seen at the company's headquarters wearing a long face as they're pushed to keep this company afloat. Will Hackett's go along again with the suggestions?

The ASX is looking into where 3 million shares have appeared when the bulk of the company is held by management and "mates".

This is as stinky as the Australian Share Market gets. The ASX should be ashamed.