Good work Wook.
Why is Exit 57 Investment not a division of RFG?
It must be profitable business as there is a tax dispute by the ATO of $2.8m.
Assuming a tax rate of 45%, the pre-tax profit in dispute is $6.2m - for a company granted the management deal in 2014 operating for about 3-4 years.
What is the nature of Exit 57’s business? Seems lucrative for just managing lease transitioning between franchisees.
Exit57 further claims to be owed a debt of $1.6m by RFG – the main cause (the other being $0.8m owed to Ms Atkinson) for it being insolvent and now in liquidation.
How convenient? Exit 57 - avoids payment to ATO.
Adding $6.2m and $1.6m owed, the profit made could be $7.8m.
Not saying that’s any wrongdoing. Just putting it out there
Add to My Watchlist
What is My Watchlist?
