Opinion from MB, page-52

If anyone doubts the company structure doesn't have issue you only need to look at HML.   Any structure where cross holdings and loans exist where it contains same people wearing different hats and situations can be manipulated for advantage.   Anyone who thinks that ASIC, ASX will protect you in any way from management wearing 2 hats and supposably making independent decisions for the benefit of shareholders in both companies????   Independent or so called independents  placed by vested interests etc will not protect you nor warn you unless you are very observant or on the inside.  If management turn bad or they take that direction of advantaging themselves or one company over another then there is only action in hindsight that may be taken and you are kidding yourself of getting fair outcome and return . .   Small companies where there are family relationships etc etc  are a big ed flag IMO and any convoluted structures with cross borrowings are all warnings that if it goes wrong it can get very ugly .

Getting advice or talking to a major world accounting firm may be all good but their advice relies on laws being enforced and regulators doing their job , directors doing their job etc and on paper it is all Ok but in reality it is a massive risk and red flag and if they did not note and weight  that risk they don't know what they are talking about with smaller companies.

It is a further complication to investment  that only in a few circumstances will benefit normal retail holders  so it comes at a cost IMO

On a larger scale look the old soul and brickworks etc and see if they traded at discounts or premium and why in regards to interests and why there was difficulty .  Yes there was some takeover prevention etc but there was also a discount that minor holders suffered discount  due to no possibility of corporate activity.
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