An Allied Brands Ltd. (ABQ) insider, who's name is currently being sought, has bailed on 500,000 shares in a block trade this morning, driving ABQ shares down still further.If purchased when ABQ first went public, this investor has lost over 70% on this bad investment. One has to wonder who the sucker is that grabbed this block - surely not colleagues of directors at Korda Mentha or HWL Ebsworth, who clearly can see the sleazy actions of this rogue franchisor. How about Shane Heal, who's been brought in to clean up the unsavoury image of Baskin Robbins Australian management?
Clearly no one believes Lachlan McIntosh when he signs a six-monthly report that claims "solid profit growth" when the fact is that profit, per share, is about half of last year's stunning failures. Investors continue to ask - "what did we get for the 100 million additional shares that were issued in the last 18 months". The answer "nothing" seems to be the best analysis yet provided.
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