Benjamin Hornigold (ASX:BHD) - Joint Managing Director, Stuart McAuliffe
Joint Managing Director, Stuart McAuliffe
Source: Toowoomba Chronicle
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  • Capital market company, Benjamin Hornigold (BHD) is still awaiting a repayment from its former investment manager, John Bridgeman (JBL)
  • The Supreme Court of Queensland ordered JBL to pay BHD $132,000 by no later than February 17, 2020
  • The order came after JBL was ordered by a takeovers panel to pay out $120,000 to BHD for expenses occurred during John Bridgeman’s takeover bid
  • Despite an enforcement warrant aimed at JBL’s bank accounts, BHD still hasn’t received the final amount owed
  • The company is continuing to seek legal advice about ways to recover the outstanding loan amount from JBL
  • Benjamin Hornigold shares remain suspended, last trading for 71 cents per share

Capital market company, Benjamin Hornigold (BHD) is still awaiting a repayment from its former investment manager, John Bridgeman Limited (JBL).

The company has been working for some time now to retrieve the money which JBL owes. Its efforts thus far have included submitting an application to the Supreme Court of Queensland.

In the first week of February 2020, the Supreme Court of Queensland ordered JBL to pay BHD two sums of money. By February 12, the company had received $149,547.84, one of the two payments required from JBL.

However, JBL still hasn’t paid back the remaining amount of $132,000, which was due by February 17, 2020. This lack of compliance with the court order forced the Courts to turn to enforcement measures.

The order came after JBL was ordered by a takeovers panel to pay out $120,000 to BHD for expenses occurred during John Bridgeman’s takeover bid.

On May 21, 2020, the Supreme Court of Queensland issued an enforcement warrant aimed at JBL’s bank accounts. The warrant was issued to an unnamed financial institution which JBL has certain known bank accounts with.

The warrant required that the financial institution transfer all amounts in the accounts, up to a total of $134,853,14. This amount represents the $132,000 owed to BHD, plus interest and costs.

However, there were insufficient funds held in JBL’s bank accounts with that particular financial institution. As such, the enforcement warrant was returned wholly unsatisfied, leaving BHD still out of pocket.

The company is continuing to seek legal advice about possible avenues for recovering the outstanding loan amount from JBL. 

BHD will provide shareholders in the company with another update on this financial matter in due course.

Benjamin Hornigold shares remain suspended, last trading for 71 cents per share.

BHD by the numbers
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