Ann: Response to ASX Query Letter, page-3

Finally, a detailed explanation and overall, worthy of consideration. Far superior to the HML vote detail. Time will tell if ASX buys it, particularly the IER answers.

To me there are a few issues;

Why has it taken this long to acquiesce to demands for such details? If done a few months ago we may been more ready to accept. Instead, we had had belligerence, obfuscation and suspension. IMO this may be only the start of an improvement. It is not a correction. It will take time and a lot more believable information to even begin to trust this mob.

Using the Kings Currency exchange for trading capital was referred to only as the exiting banks strategy - not as the potential for new business partnership/sale or an alternative to 'the transaction'.
I remain convinced such a deal is a primary driver for the transaction and could only see a significant benefit to JBL/Stu. With this information I can more easily see a reasonable outcome for BHD if such a deal occurs - but the risks are still there, and someone else will benefit more if it all comes to pass IMO.

The reply detailed the benefits of JBTH proprietary macro research and trading algorithms. The Prospectus has us following JBL proprietary trading strategies via Stu. With a new "BHD's Investment Manager" position we do not know who is running the trading at present. Have we changed investment managers without being informed? For how long? Should there be new/lower performance fees?
The new monthly NTA's transaction inclusion affect was not covered? Were the NTA corrections because of new investment management?

I was disappointed that the benefits of the brokerage were not detailed - are we still getting the benefits or not? The "at market competitive rates" does not spell out the $1 Million in savings we had before? If not, why not?
Have we already changed to a higher brokerage without being informed? - where the previous announcement was 'Price sensitive'.

Until we know more it is still too early to make absolute voting decisions, therefore, awaiting further activity between ASX/BHD and HML, but leaning towards abstention on some votes rather than total destruction in the upcoming transaction/AGM votes.






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