With huge volumes of shares being traded over the last week while the company has sat mum, the ASX increasing demands for market information have led to another pack of lies from Allied Brands Ltd. (ABQ) management today.
A quick spin by the ABQ offices shows all the company-paid luxury cars still in use. Apparently director and management perks haven't been affected by their so-called "cost cutting".
Missing from today's announcement is any suggestion how the company will finance the several million in redundancy and closure costs for the 18 failed Kenny's Cardiology shops, 10-12 failed Baskin Robbins shops, and the losses being made by Villa Hut. Allied Brands is in free-fall, and another press release filled with half-truths and lies isn't going to help now, is it chairman Lachlan McIntosh?
Franchisees at Baskin Robbins continue to report massive product shortages with containers sitting at the port unclaimed and unpaid. This is despite the brand giving completely untruthful reports to the auditors about the true condition of the brand.
Expect MORE PRESS RELEASES with MORE LIES as the truth becomes impossible to hide from the auditors. Funny, but Hackett's knew Allied Brands was lying to them last year. Shareholders should have a terrific compensation claim after the lies Hacketts has certified as truth. Even in today's statement Allied Brands uses "the auditors" as cover for these massive lies.
How can they "rationalise outside developers" when all the existing shops, as well as new locations, have been so unsaleable? Even existing shops with reasonable prospects cannot be sold due to the inability of Allied Brands to assist franchisees with basic levels of product and support. Until the corrupt management in place running these brands is removed there is no hope for better press and a renewed franchisee sale market.
The company is known to be virtually out of cash, with little coming in during the slack winter months. It's not clear that the ASX and ASIC are going to be satisfied with a half-baked pack of lies from the company that lets "the mates" continue to dump shares on bottom-feeding suckers.
SHAREHOLDERS ALSO DEMAND TO KNOW WHEN SACKED CEO SHANE RADBONE AND HIS WIFE VICTORIA RADBONE ARE PLANNING TO PAY BACK THE ALMOST $1,000,000 THE COMPANY "LOANED" TO HIM WHILE HE WAS CEO!!!
SHANE, WHERE'S THE MONEY, MATE?
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