Chapmans boss has not moved to Malaysia, boardroom mate says
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Anthony Dunlop, director of investor Chapmans and resources wreck Capital Mining, has not scarpered off to Malaysia according to one of his boardroom colleagues.
Over the weekend News Corp’s Daily Telegraph newspaper reported that earlier this month Anthony Dunlop and his socialite wife Nikki pulled their two daughters out of august Sydney girls school Ascham, sold their car, and shifted to Kuala Lumpur.
But Reffind (ASX:RFN) company director Robert Lees said he called Mr Dunlop after the article landed on Sunday, and the latter confirmed he was still a Sydney resident.
Chapmans’ new office manager told Stockhead on Monday morning that Mr Dunlop was in the office but in a meeting. Stockhead was not able to speak with Mr Dunlop.
Calls to Mr Dunlop’s mobile phone on Monday were met with an automated message saying it was switched off or not in a service area.
Mr Dunlop and his associate Peter Dykes run Chapman (ASX:CHP), a listed investment company that has struggled for years but did manage to convince two Malaysian businessmen to buy 10 per cent in December last year.
He is also a key director of blockchain investor Reffind and it’s his signature that signed off on the company’s full year accounts at the end of August.
Capital Mining is back
He is also still on the board of Capital Mining (ASX:CMY), a company that came out of administration on Friday.
The company was caught up in a controversy last year over the high fees the board, which included Mr Dykes and another associate, Peter Torney, were paying themselves.
According to ASX statements the three directors were entitled to almost $1 million indirector fees and oversaw consulting payments to themselves of almost $2 million.
Struggled for relevancy
Chapmans has struggled to make anything of itself for years.
Its stock fell 33 per cent on Friday to 0.1c and its 52 week high is 2.2c.
Its current portfolio consists of a medical cannabis company, a cryptocurrency miner, a sports social media company and a plasma gasification business.
In April, the three Chapmans directors Mr Dunlop, Mr Dykes and Chris Newport took home almost $1 million in salaries despite the $9.7 million full year loss.
On Friday, Chapmans said the social media investment hadn’t worked out — it didn’t make enough money — and they’ve written it off entirely.
The company made a $4.1 million loss in the six months to June 30.
In that time Chapmans raised $9.84 million from investors. There was another $830,000 in July and in August they said they were trying to raise $250,000.
Chapmans invested in the cryptocurrency platform in April — for which it was heavily scrutinised by the ASX — and also said it was investing $4 million into US blockchain platform Securrency in February.
It then had to walk that promise back, saying they’d only make the first $1 million payment in a renegotiated deal of four.
In April, Mr Dunlop said they still might make the final two payments later that month and in May, but they ultimately did not.