CBD
At the Stockbrokers Association of Australia annual conference, in Sydney, on Thursday, chairman of the corporate watchdog, Greg Medcraft, delivered a sterling speech that had the whole crowd remaining in their seats.
Later, CBD's spy, returning from a trip to the Hilton hotel's swanky bathrooms, heard the lament. "Where's my wine?" He turned to see who the poor soul was. It was Greg Medcraft, looking flushed.
"What are you looking for?" asked his media manager. "My wine. I left it on a table, I think."
It was just past midday.
However, it was not quite as it might seem: the wine in question was a bottle, unopened - Medcraft's reward for speaking at the event.
Time for a talk
Qantas boss Alan Joyce might want to have a quiet word to Sydney Airport chief Kerrie Mather about her talking points next time they bump into each other in the chairman's lounge.
Mather, who prefers an evolution to a revolution, let slip her thoughts about airline alliances during her turn in front of the brokers.
"Virgin led the march, as you might remember, with the increasing partnerships they were entering into with Singapore Airlines, Etihad, Air New Zealand and Delta," she said.
"And now Qantas has actually followed up recently with their partnership with Emirates, which has seen their partnership with British Airways fall away."
Palmers party
Fans of peripatetic mining magnate Clive Palmer will be relieved to learn that his modestly named Palmer United Party has cleared its first hurdle.
The Australian Electoral Commission has posted the founding documents of the organisation on its website, inviting objection from anyone who feels they've been sold a PUP.
CBD can't see grounds for complaint, as the party offers something for everyone. For the young 'uns, aged 16 to 30, there's the thrill ride of the Young Palmer United Party, while ladies can join the Palmer United Party Women - do they have to bring a plate?
The party is clearly all about family values: its constitution appoints Clive federal president while wife Anna is head of the women's auxiliary and son Michael gets the youth wing.
Clayton's takeover
Private equiteers CHAMP and Headland Capital Partners have denied artificially pushing down the share price of shipping services group Miclyn Express Offshore, of which they own 75 per cent.
They've been able to accumulate the stake without making a takeover bid because even though Miclyn is listed on the ASX it is incorporated in Bermuda, where Australian corporate law does not apply.
On Thursday, the firms wrote to independent directors Neil Hamilton and George Venardos to complain of "many inaccuracies and baseless assertions" in a letter the directors sent to shareholders on Wednesday.
CHAMP and Headland denied keeping the share price artificially low by announcing last month that they wouldn't buy shares above $2.20, saying these were simply "factual and accurate statements". So that's all right then.
Diverse dollars
Has the falling dollar handed the Lowy family a $42.6 million paper profit? The family's private group, LFG, sold its 7.1 per cent stake in Westfield Retail Trust on March 1 for $663.7 million. At the time, the family said the sale was part of "a broader investment strategy to diversify its investments internationally", so assume the proceeds were turned into US dollars - 681.6 million of them.
With the dollar below parity, that dosh would now buy $706.3 million worth of WRT scrip. Presto, $42.6 million profit!
Got a tip?
bbutler@fairfaxmedia.com.au
Frequently Asked Questions about this Article…
Greg Medcraft, chairman of the corporate watchdog, delivered a well‑received (described as "sterling") speech at the Stockbrokers Association of Australia annual conference in Sydney. A light‑hearted moment followed when he was seen looking for an unopened bottle of wine that had been his speaking reward.
Kerrie Mather said she preferred an evolution rather than a revolution in airline alliances and noted that Virgin led the way with partnerships (Singapore Airlines, Etihad, Air New Zealand, Delta). She pointed out that Qantas has since followed with its partnership with Emirates, which has seen Qantas's partnership with British Airways fall away.
Yes. The AEC has posted the founding documents of the Palmer United Party on its website, which is the next step in registration and invites objections from the public. The party's constitution appoints Clive Palmer as federal president, Anna Palmer to lead the women's auxiliary and their son Michael to head the youth wing.
CHAMP and Headland denied artificially pushing down Miclyn Express Offshore's share price after criticism. They said statements they made — including that they would not buy shares above $2.20 — were "factual and accurate" and wrote to independent directors to complain about what they called "many inaccuracies and baseless assertions" in a directors' letter to shareholders.
Although Miclyn Express Offshore is listed on the ASX, it is incorporated in Bermuda. Because of that Bermuda incorporation, Australian corporate takeover rules did not apply, allowing CHAMP and Headland to accumulate a 75% stake without making an Australian-style takeover bid.
The independent directors named in the article are Neil Hamilton and George Venardos. CHAMP and Headland wrote to them to complain about inaccuracies in a letter the directors had sent to shareholders.
The Lowy family's private group LFG sold a 7.1% stake in Westfield Retail Trust on March 1 for $663.7 million. The article notes that if the proceeds were converted into US dollars (reported as about US$681.6 million) and then used to buy WRT scrip with the Australian dollar below parity, that move would translate into roughly $706.3 million of WRT scrip — implying an approximate $42.6 million paper profit from the currency movement.
The article highlighted that Virgin has been expanding partnerships with multiple international carriers (Singapore Airlines, Etihad, Air New Zealand and Delta), while Qantas has moved into a high‑profile partnership with Emirates — a shift that has altered Qantas's relationship with British Airways. Investors tracking airline alliance strategies may want to watch how these partnerships affect route networks, codeshares and competitive positions.
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