Newly ASX-listed Aquaint Capital (AQU.AX) is a Singaporean-Malaysian "property seminar" company involved in various loans to, investments in and revaluations of related parties. AQU raised $3m from offering 5m shares at $0.60, constituting 5% of shares on issue, with issue costs absorbing $1m of funds raised. Not a single share of AQU has traded on the ASX since its November 11 listing, yet now AQU can claim a "market" value of $62m, with ASIC's stamp of approval. With a standing bid for $0.65, AQU can actually claim a "market" value of $68m, legitimized and validated by Australian regulators. This stamp of approval is invaluable for seeking new sucker investors.
AQU has acquired an Australian financial services licence from a Mariner subsidiary, and several of the Mariner crew are now discreetly involved with Aquaint. Given Mariner's consistent record in almost complete destruction of investor funds, with MCX losing 99.9% of its value and counting, their discretion is perhaps understandable. Perhaps Aquaint can now perform some related party transactions with MCX's newly "revalued" retirement home business.
AQU's assets comprise of a maze of failing property loans and investments with related parties in several different countries, that it can value largely at will. AQU's prospectus reveals that even using its own "valuation techniques", many of its "investments" have a current value below the loans attached to them, and have not yielded promised returns. But AQU is not about generating any actual returns from its investments, it is in the business of revaluing related party assets upward and issuing shares, taking fees at every level.
Shown below is the structure of AQU's Indian properties, sold to its property seminar punters and now packaged into AQU shares. Although AQU owns 82.9% of Bria East Asia Fund, it claims to not control it.