Ann: McGrath Lower North Shore Franchise Update, page-4

Sadly the full details of the share splits before the float were all in the prospectus- along with the fact it was in debt, divs paid before float, and that they were actually raising money to buy north shore franchises and pay off debt
Plus they were buying and floating off a contracted commission based workforce of which barriers to entry are minuscule

Most didn’t want to believe it, only wanting to believe in the brand name

I agree,a shocker- they should be forced to expressly highlight the above sort of details
In all floats——