Boral back to the drawing board

"The review has been very comprehensive and has crystallised the markets and geographies where the group has the potential to achieve long-term growth and deliver sector best returns," said the group's chief executive, Mark "Doc Brown" Selway.

Selway noted the "improved focus had allowed the group to simplify our internal structures".

"This is the first stage in the group's strategy aimed at reinforcing our foundations and building a platform for growth and enhancing value for our shareholders," he said.

Last week's announcement echoed the findings of another strategic review announced by Boral in October 1999 by its then outgoing managing director Tony Berg and incoming chief Rod Pearse.

That review was to "allow future growth". "Shareholder returns from the building and construction materials company should be further enhanced when the impact of comprehensive operational improvements, overhead reductions, divestment programs and potential growth options are recognised by the financial markets," Pearse said at the time.

Both Selway and Pearse - early in their reigns - talked of increased "financial flexibility", "improved margin management" or "margin improvements", and of "new product" development.

The 1999 review resulted in Boral's demerger from the now far more successful (and lucky) Origin Energy.

In 1994, Berg in his first address to shareholders said: "Our focused strategies for overseas are a major plank in the platform of building shareholders' wealth."

DIGGING GROVES

It should not have worried Eddy Groves when the corporate watchdog recently extended his travel ban until the end of the year. The unemployed former childcare king has plenty to keep himself busy on local shores.

The $7.3 million lawsuit from his former brother in law, Frank Zullo, for one, may be a particular focus for Groves. After all, Cranky Franky is the legal owner of the Currumbin estate that Groves calls home following a series of transactions last year that were closely monitored by the corporate cops.

We wondered if Zullo was trying to give his former brother-in-law a hint when his summons notice listed Groves's address as a post office box in Southport.

Inquiries via lawyers for both parties did not elicit any response as to whether Groves will soon be forced to seek fresh digs.

GOING VIRAL

It may have the most unappealing name of any company on the bourse but it still has managed to attract money from small punters.

Most people run a mile from

the idea of contact with a virus, particularly at this time of year.

But Viralytics recently raised enough cash from shareholders

to give it funding for the next

three years for its research into cancer cures.

"Viruses have had really bad press," reckons Professor Darren Shafren, the University of Newcastle academic whose research drives the business.

The chief executive, Bryan Dulhunty, who operates out of a unit in Pymble, recently completed a $2.9 million options raising for the outfit, taking total cash in the bank to $5.6 million.

The University of Newcastle is still the biggest shareholder in the company, which is well advanced on its phase two trial applications with the US Food and Drug Administration for research into using the common cold virus to kill a range

of cancers.

A US competitor, BioVex, is using a modified herpes virus to the same ends. You may get cured of cancer but it is unlikely you will get laid again.

CASH FOR KUDOS

In a major shock, Qantas was named the best domestic airline at the Qantas-sponsored National Travel Industry Awards on Saturday night.

Obviously, travel agents have forgiven the national airline for cutting back over the past decade the commissions it pays them. And over the recent Federal Court case (which Qantas is appealing) in which the airline was ordered to repay thousands of travel agents the millions of dollars in commissions that should have also been payable over its fuel surcharge.

The Qantas-sponsored awards, hosted by the Australian Federation of Travel Agents, also saw the Qantas 58 per cent-owned Jetset Travelworld take out the gong for Best Travel Agency Group.

In an even bigger shock, Singapore Airlines won the gong for best international airline.