Franchise Retail Brands Limited
Due to some uncertainty over the recently uncovered investment in Franchise Retail Brands Limited, a little bit more information helps paint the picture.
In the LWP Annual Report released on 3 October 2016, LWP disclosed that during the period, an investment of $500,000 had been made as seed capital in Franchise Retail Brands Limited. A quick search of the ASIC extract revealed the directors to be, who else, but Siegfried Konig and Sean Corbin with the investment being made possible by the investment advice of 1AA investments whose directors were…..Siegfried Konig and Sean Corbin! The series of companies created a matter of days after the ASX suspension for the previous bunch of companies these two created that managed to end up with a swag of LWP shares that no one seems to know how got there.
The ASX made this ‘investment’ be refunded although LWP disputed the related party definition. We are still waiting for feedback on which part of this they disputed.
Of course we wish Sean Corbin all the best on his new endeavour but given his resume, we don’t hold great hopes for the future of some coffee franchises.
“- A general Share Market comment – The enormous amounts of dishonest activity that occurs under the umbrella and noses of the ASX and ASIC happens because its so easy to do. Time and Time again, some directors will flaunt the rules because they know the worst outcome is the ASX telling them to not do …
On 10 October, LWP released a response to ASX Aware Letter regarding the investment in Franchise Retail Brands Limited and the related parties. In the Appendix 4C for the March Quarter released on 29 April, 2016 LWP stated that it had invested $935,000 in equity investments. In the Appendix 4C for the June Quarter released …