Friday, 27 February 2009

More curious Hedley transactions

Local finance commentator KitchenSlut, is watching the curious Hedley transactions today.

  • Looking at Hedley’s HLG half yearly released to ASX this morning:

    "Unauthorised payments to the manager (Tom Hedley's private interests-ed) during the half-year amounting to $1.144 million as set out in note 2 to the financial statements were repaid with interest by the manager immediately after the manager became aware of them”

    It seems from note 2 they only became aware of this rather recently post year end so maybe the auditor did actually look at the numbers. No wonder Hedley CFO Donnelly is no longer on the HLG board having resigned on 5 February. Today's announcement also reveals that Donnelly also resigned as CFO of HLG (which presumably means the management company) on 18th February.

    There was no ASX announcement of this resignation at the time.

    Also of interest in a market update from NLG, the NSW pub tenant of HLG, where Tom has seen the value of his 20% stake diminish to a number disturbingly close to zero, is that they are to take on the outsourced management of all Hedz pubs.

    Having dropped into the Hedley property sales office last week to confirm that there are no new projects currently planned beyond those currently going, and that the Aplin St block at the end of the Oasis is back on the market after Tom backed out and didn’t settle on it last year, we wonder if there is much work left for the boys to do down in Aumuller St now that Tom is no longer CEO of the HLG manager either?

    Update: I have email confirmation (below) direct from the bunker that Hedley's financial wunderkind Stephen Donnelly, departed the evil empire on February 16. Curiously 2 days before indicated in the official ASX announcement today?

  • From: Stephen Donnelly
    Sent: Friday, 27 February 2009 2:54 PM
    Thank you for your email.
    As of 16 February I am no longer employed with the Hedley Group.
    Any matters that relate to HLG should be directed to Peter Armstrong at or if the matter relates to the Hedley Private Group it can be directed to Jeanine Cooke at

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