Torchlight GP Limited moved to the Cayman Islands?

We shared with you in November that we will be moving to where George Kerr and his dwindling entourage is setting up shop. I expected it to be Melbourne or Sydney. Europe seemed a bridge to far for Mr Kerr and with all the recent activity in ING Real Estate Entertainment Group, now renamed Lantern Real Estate Trust and not to be confused with Bodiam Re, I apologise, scratch that. Bodiam Re has now been renamed Lantern Hotel Group. Ok, I know I am confusing you, so with all the recent activity in Lantern Hotel Group (new ticker LTN on the ASX) we already started looking around for a place to rent in Sydney when we realised it might not be a good idea. The Cayman Islands might be a safer bet.

The Cayman Islands you ask? Yes indeed.



When or rather if Mr Kerr actually pulls off his deal with Mr Andrew Barnes to sell Perpetual he will essentially be left with Torchlight which technically also still belongs to the few and dwindling other shareholders of PGC. The problem is that Perpetual owns Torchlight Investment Group, which again owns Torchlight GP 1 and Torchlight GP 2 which again controls the Torchlight Funds and is the place Mr Kerr is sucking all the money into. So if he is selling Perpetual to Mr Barnes then he somehow have to untangle Torchlight from that, which is no mean feat as you can see from the following.

The point is that we were expecting changes to the structure, but were nonetheless surprised to see that Torchlight GP Limited and Torchlight Group Limited are now based in the Cayman Islands.
I know it sounds unbelievable, but Mr Kerr signed off on it.

The only problem is that as far as Companies House is concerned, those entities are still safely registered at 80 Queen Street, Auckland, 1010 , New Zealand, not the Cayman Islands. We take it Baker Street Capital Management, Mr Kerr's partner, is happy with the new sleeping arrangements...that is if they even know about it.


In closing, note that Bryan Mogridge and Rusell Naylor are now actively involved at Lantern Hotel Group. The old team is reassembling, but I think they should pay attention. They are now under the supervision of the ASX which by some accounts take a dimmer view of these antics to what they might be used to. 

--

Cheerio!

jA

Anderson Cooper once said, I think it's a good thing that there are bloggers out there watching very closely and holding people accountable. Everyone in the news should be able to hold up to that kind of scrutiny. I'm for as much transparency in the newsgathering process as possible.