CBD
Could a deal between Whitehaven Coal and its embattled largest shareholder, Where's Wally of mining Nathan Tinkler, be in the works?
CBD hears talk that last week Whitehaven Coal chairman Mark Vaile took a trip to Singapore, the tax haven Tinkler calls home after abandoning the Hunter Valley.
Tinkler's 19.5 per cent stake in Whitehaven is up for sale - as is his vast horse-racing empire and his luxurious Queensland estate. But finding a buyer for a big block of shares is always tricky and the situation was further complicated last week when liquidators of Tinkler's Mulsanne Resources lodged a legal bid to freeze the highly geared former electrician's assets, including the $450 million worth of Whitehaven shares.
If Vaile was in the Lion City to talk to Tinkler, there's no guarantee he found him. He's so elusive sometimes even his own PR flack, Tim Allerton, doesn't know where he is.
And Vaile wouldn't be the only person looking for Tinkler. Back in Australia, corporate advisers BKK have struck a deal over a $440,000 bill, but CBD hears at least one other creditor also wants to have a friendly chat about payment terms.
Peter the greatest
Gathered among the ancient relics at the Melbourne Museum on Friday night were the Liberal Party faithful, brought together to wine and dine the man repeatedly referred to during dinner as "Australia's greatest treasurer", Peter Costello.
With victory in September so close as to be fragrant, the presentation of life party membership to Costello drew a big crowd including Opposition Leader Tony Abbott, many of his frontbench and Victorian Premier Denis Napthine.
Notably absent were former Victorian premier Jeff Kennett, who called Costello "disloyal" a few years back, and the man to whom Costello played second fiddle, former PM John Howard.
However, both appeared in a video package introduced by Costello's son Seb, a reporter with the Nine Network. "You're the best treasurer Australia ever had," Howard said, to a handful of boos.
Abbott thanked Costello for teaching by example during the Howard years, saying that after cabinet meetings, Costello would say: "Tony's just channelling B.A. Santamaria again."
These days, Abbott said, he channels only Peter Costello.
Accepting his life membership, Costello said public service was a calling and after doing your job for the country you should step aside to make way for others.
CBD can't imagine who he had in mind.
For under-75s
Santa-who? Readers who still have most of their own teeth may be unaware of the political legacy of Bartholemew Augustine Michael Santamaria, born 1915 in Brunswick. Suffice to say he was a staunch Catholic anti-communist who played a key role in the split in the Labor Party in 1955. No correspondence will be entered into on this matter as nobody under 75 cares.
HSBC drops ball
Goodbye cauliflower ears, hello flowers. That seems to be the marketing strategy for global bank HSBC, which has all but abandoned sports sponsorship in this country in favour of community support programs.
HSBC ditched its sponsorship of AFL team Hawthorn last year and will say ta-ta to the Tahs in October when its sponsorship of rugby union's Waratahs ends.
Up for renewal next month is HSBC's deal with Sydney's Domain. But that deal, worth about $100,000 looks more likely to survive - along with a host of other feel-good community programs.
It looks like HSBC backs only sports with international reach - such as the British and Irish Lions and it has naming rights for many golf and tennis championships.
Got a tip?
bbutler@fairfaxmedia.com.au
Frequently Asked Questions about this Article…
According to the article, Nathan Tinkler's 19.5% holding in Whitehaven Coal is up for sale and is reported to be worth about $450 million. However, the sale is complicated because liquidators of Tinkler's Mulsanne Resources have lodged a legal bid to freeze his assets, which includes that block of Whitehaven shares.
The column reports that chairman Mark Vaile travelled to Singapore — the city where Nathan Tinkler is said to be based — and CBD hears this trip may have been to try to speak with Tinkler about his Whitehaven stake. The article makes clear there was no guarantee Vaile actually found or met Tinkler.
The liquidators’ legal bid to freeze assets makes selling a large block of shares more difficult. Freezing actions can limit a vendor’s ability to transfer or realise shares, creating uncertainty for potential buyers and complicating any negotiated sale process, as reported in the article.
The article notes that corporate advisers BKK struck a deal over a $440,000 bill owed by Tinkler, and that at least one other creditor is seeking to negotiate payment terms. These creditor actions, together with the liquidators’ move, underline ongoing financial and legal pressure around Tinkler’s assets.
The piece emphasises that finding a buyer for a big block of shares is tricky and that the situation is further complicated by legal proceedings. While the article doesn’t predict market moves, it suggests the process could create uncertainty that investors should monitor closely.
HSBC has largely abandoned local sports sponsorship in Australia in favour of community support programs and sports with international reach. The article says HSBC has already ended its Hawthorn AFL sponsorship, will end its Waratahs rugby sponsorship in October, and appears focused on international events and community initiatives instead.
Yes. The article reports that HSBC’s deal with Sydney’s Domain — worth about $100,000 — looks more likely to be renewed, and the bank will continue backing a number of feel‑good community programs even as it scales back some local sports deals.
Based on the article, investors should follow legal updates from Mulsanne Resources’ liquidators, any confirmed attempts to market or sell Tinkler’s Whitehaven stake, statements from Whitehaven Coal’s board (including any involvement by Mark Vaile), and announcements from potential buyers or creditors. These developments can affect certainty around a large share sale and may influence market sentiment.
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