Why has HML not released to ASX an announcement that a...

Why has HML not released to ASX an announcement that a subsidiary that it holds a 19.9% direct interest in (more when you include the JBL and BRL cross holdings), has just entered into a senior secured $7 million debt facility?

This information is highly likely to be material for HML shareholders. If JBFG cannot meet its interest + capital repayment obligations (which begin in January 2019) then Partners for Growth will likely have strong step-in / ownership rights over JBFG. JBL previously announced the interest rate on the facility was 10.5% fixed coupon for a 4 year (48 month) term. This equates to roughly $200k repayments per month for the first year ($146k principal + interest on balance). From JBFG's annual report, they generated total annual operating cashflow of $160k (+ a $19.3 million net loss after tax). There should be serious questions marks surrounding JBFG's ability to service this loan.

Based on the latest audited accounts for HML, the equity interest in JBFG is carried at $24.9 million. This carrying amount becomes zero if JBFG defaults on their loan obligation and loses control of JBFG to Partners for Growth. Furthermore, HML's carrying amount of Bartholomew Roberts Pty Ltd ($8.8 million) effectively becomes zero as there are no other substantial investments held by that entity other than JBFG. So HML shareholders are looking at a potential $33.7 million write off of NTA. HML have been silent to the ASX about this matter.

Expect another please explain from the ASX in the near future...