Allied Brands Ltd. (ABQ) made the ATTACHED ANNOUNCEMENT today - it is referenced to Sean Corbin, acting CEO but smells more like the output of a team of sleazy lawyers. As reported here previously, founder of Baskin Robbins Australia Peter Graham has been removed as Managing Director - which is pretty irrelevant, as he hasn't been "managing" anything for almost two years according to insiders.
Insiders also report that there are other management sackings that the company hasn't yet reported despite ASX and ASIC requirements for "continuous disclosure". No word whether this includes the serial harasser who's been the cause of several employees leaving previously.
The most misleading of statements is the information regarding the funds previously being advanced by Springtree, a US-based investment fund which have been repaid by way of convertible note conversions, an odd situation that's raised eyebrows among the investment community.
Insiders report that Springtree solicitors contacted ABQ after the stock halt, and rattled a "lawsuit" sword due to what they have characterised as fraudulent information provided to them. The company has scraped up money to pay them back apparently to avoid Springtree pushing the company into liquidation.
Note the carefully crafted but totally misleading information in Allied's statement in the matter. After trumpeting the issuance of this high-cost debt just a few months ago, the company is now following one furphy after another. You've got to wonder what business school teaches this kind of obfuscation.
Shares have only .03 to go to ZERO.
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