Ann: Appendix 4C - quarterly, page-4

I was talking to a very smart stock picker the other day about this company.  They flagged that HRL doesn't have much cash, might need to do another raise and the whole raising cash, buying a company owned/controlled by existing directors isn't the cleanest look. Also querying how was the valuation done for OCTFOLIO and how do shareholder know they didn't overpay.

All very valid points and perhaps enough to ward off potential buyers.

I've mentioned before, I'm trying to find my next MNF and this is my current pick. That is, an early stage real business (not some WA RTO or IPO broker money making techy) unsexy, makes money with potential to scale.  


Turns out that MNF many years ago did something similar to HRL now (albeit the company they acquired was their main wholesale provider). It was however owned by the directors of the company and so when the move to wrap it into the listed vehicle, and pay the then management .. there was some debate about its merits.  MNF at the time also had some debt, which also put people off.

So ill leave it at that and refer simply to this thread where some discussion on the company was taking place. https://hotcopper.com.au/threads/shareholders-equity.893469

Looking at the share price on the posts at the time..it shows, these things can take time, but when they move, they can be long steady and sustained if management pull things off properly.  In this case, they are loaded up with shares and didn't dilute more than they had too .. hoping they have a plan and I'll be able to link back to this thread in a few years time and see HRL at $4 something also