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Agitator at the gates

THERE is at least one consistent agitator for change at Hartleys, though its difficult to know who he is working for.

Business journalist turned self-styled financial intelligence operative John McGlue is understood to have pitched awkward questions at Hartleys’ management during at least two recent shareholder meetings. A long-time friend of John Poynton, Mr McGlue won’t reveal who he represents.

Mr Poynton said he shared some of Mr McGlue’s views but was not being represented by him.

Mr McGlue confirmed he had been a consistent agent for change, both publicly and privately, at the brokerage but would not outline in detail the purpose of his work.

“I have clients who have an interest in the outcome of the changes at HPL,” he said.

It is known that Mr McGlue, though his company Castle Gates Australia, has made written inquiries to Tim Moore querying the company’s half yearly accounts.

That includes asking for an explanation for a $20 million investment in equities that was shown in Hartleys’ financial statements for December 31, an amount which appeared during the period of Westpac’s $30 million cash injection. Mr Moore said he could not

confirm or deny any private correspondence.

When queried by Business News about the investment he said the figure represented a bank bill, a high interest rate deposit where the cash received from Westpac was placed.

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