CBD
Does Ivanhoe Australia chief executive Bob Vassie not know how to use Google? Does anyone else on the board of the Rio Tinto-controlled copper and gold miner? Surely climate change sceptic Professor Ian Plimer uses internet searches in his battles with greenies? How about the other indie directors, Jim Askew and Kyle Wightman?
A mass failure to Google is the only way CBD can explain the company's decision to re-name itself Inova Resources.
Just one quick search throws up oodles of outfits with similar monikers. There's iNova Pharmaceuticals, flashlight brand Inova, Inova Fairfax Hospital in Washington DC, Inova Diagnostics in San Diego, Inova Land Seismic Acquisition Equipment, Inova Consultancy, Inova Solutions, Inova Software and Inova Semiconductors.
And that's just the first page. The second page has even more, including CBD's favourite, Hitachi Zosen Inova, a company whose motto is "Waste is our energy!"
Ivanhoe spokesman Stephen Nossal seemed unfussed by the plethora of Inovas.
"There's a range of companies, but nothing to do with mining," he said. "We've got the website, so you can't blackmail us."
Shareholders vote on the name change at a meeting next Tuesday.
Sentence upheld
From the Takeovers Panel to cops wielding capsicum spray, trouble seems to follow corporate raider Ariel Silman.
Fresh from a slap from the panel over an undisclosed 30 per cent stake in World Oil accumulated by him and his dad, Silman fronted up to the County Court in Melbourne on Thursday to contest his sentence for drug possession and resisting arrest.
Prosecutor Danielle Guesdon told the court that on December 9, Silman ran a red light in St Kilda. He was pulled over by police who searched his car and found a small bag of white powder, later identified as cocaine.
The arrest seems to have been fairly vigorous, with police wrestling Silman on the bonnet of the car. According to a police report read to the court by defence counsel Scott Johns, Silman ran off after being sprayed with capsicum gas during the struggle.
While running away he was sprayed again, prompting him to yell: "Stop spraying me."
"Well, stop running," the cop chasing him responded.
Johns wanted a reduction in Silman's six-month suspended sentence, citing his ADHD and personality problems, but a criminal record described by Judge Tony Howard as "very bad" told against his client. In 2002, Silman was jailed for cocaine trafficking and rape. He got out in 2007 and in 2009 was convicted of amphetamines charges, receiving a three-month suspended sentence.
Judge Howard upheld the sentence of six months' jail, suspended for two years, handed out by the Magistrates Court for the latest set of charges. He said Silman should consider reducing the stress of his high-powered job, saying: "Cut it down a little."
Johns said Silman's responsibilities include "dealing with tens of millions of dollars " while working with his father on the family share portfolio, running a corporate services business, working on the family's Murray cod farm - "the biggest in the southern hemisphere" - and sitting on the board of Albury-based distiller Kiss Vodka.
Revving up cuts
Car maker Ford has driven away with this week's coveted CBD PR doubletalk trophy for its weasel words on Thursday while announcing it is shutting down manufacturing in Australia.
The move is likely to cost 1200 workers their jobs, devastating entire communities, which is no doubt why Ford gave its press release the cheery and not-at-all misleading headline "Ford Accelerates Australian Business Transformation".
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Frequently Asked Questions about this Article…
Ivanhoe Australia is proposing to re‑name itself Inova Resources, a change that shareholders are due to vote on at a meeting next Tuesday. The proposal is notable because the article highlights the potential for name confusion — there are many unrelated companies using the Inova/iNova name — which everyday investors may want to be aware of when following company news or searching for information.
Yes. A quick search shows numerous unrelated organisations using similar names (iNova Pharmaceuticals, Inova Fairfax Hospital, Inova Diagnostics, Hitachi Zosen Inova, and others). The article flags that overlap as a likely source of confusion for shareholders, analysts and retail investors seeking clear company information online.
The article mentions Ivanhoe Australia’s chief executive Bob Vassie and board directors including climate‑change sceptic Professor Ian Plimer, Jim Askew and Kyle Wightman. It also quotes company spokesman Stephen Nossal, who commented on the name change and brand overlap. The company is described as a Rio Tinto‑controlled copper and gold miner.
According to the article, shareholders will vote on the proposed name change at a meeting scheduled for next Tuesday.
As highlighted by the Ivanhoe/Inova discussion, investors should check official company communications ahead of the shareholders’ vote, confirm ticker and registry details after a name change, and be mindful of possible online search or reporting confusion if the new name resembles other companies. Keeping an eye on announcements and the company website can help avoid mix‑ups.
Ariel Silman is described as a corporate raider who has attracted regulatory and legal trouble. The article notes a reprimand from the Takeovers Panel over an undisclosed 30% stake in World Oil and reports his court appearance relating to drug possession and resisting arrest. Investors following companies associated with activist shareholders or raiders may want to note such governance and compliance issues.
The article says Silman received a 'slap' from the Takeovers Panel for failing to disclose an accumulated 30% stake in World Oil that he and his father held. This regulatory action was singled out as part of a wider pattern of trouble surrounding Silman.
The article reports Ford announced it is shutting down manufacturing in Australia, a move likely to cost about 1,200 workers their jobs and to have severe effects on affected communities. For investors and local stakeholders, that signals a major operational change with economic and social implications; the announcement was framed by Ford under the headline 'Ford Accelerates Australian Business Transformation.'
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