CBD
As if CBA boss Ian Narev didn't have enough on his plate, what with Fairfax Media's series of stories about allegedly dodgy behaviour by financial planners sparking a Senate inquiry last week. Now the bank's fondness for hipsters has earned it the ire of consumers, who resent a patronising internet ad campaign lumping young people into four categories: the erratic (beard), the habitual (cool glasses), methodical (fashionable) and the inventive (with easel).
Facebook reaction was swift and deadly. "I don't think the 'delete message' can be pressed fast enough," said one. "I just hate hipsters," said another. And, harshest of all: "Don't know what's more annoying, this or the Tom Waterhouse ads."
That's unfair to both men, who can easily be told apart. One of them runs a company that tries to separate people from their money, and the other is a bookie.
Bulldog approach
Bulldog clips, shotguns and the harsh Alaskan wilderness. The stoush over Buccaneer Energy has it all, meaning a shareholder meeting set for next Tuesday is shaping as a doozy.
Sailing in from Singapore are two investors, Bernard Cheng and Cheng Chih Kwong, who hold about 8.7 per cent of the company. They want to tip out the board, replacing Alan Broome, Curtis Benson, Frank Culberson and Dean Gallegos with their nominees, Nick Davies, Shaun Scott and Clint Adams.
The Chengs, who are big fans of Buccaneer's Alaskan assets, reckon their earlier effort to call a meeting was foiled when the company rejected their paperwork because it was fastened with a bulldog clip, rather than stapled.
They also accuse the incumbent board of taking a "shotgun" approach by effectively putting the whole company up for sale.
The board hit back on Monday, telling shareholders the Chengs "are attempting to take control of the company without proceeding with a formal takeover offer".
They've also been rude enough to mention the dismal share price performance of Dart Energy, where two of the three proposed directors also serve.
Forever shopping
If you ask most fashion retailers, the average Australian shopping mall is pretty much a blasted wasteland. The industry has a knack of finding ever cheaper places to make clothes but not even that can turn the sector's fortunes around.
But there are bright spots for some. Witness Forever New, which specialises in selling on-trend frocks to teenage girls. Company accounts filed with ASIC show 2011-12 was a bumper year for the chain, run by Dipendra and Amanda Goenka and backed by British retail magnate Tom Singh.
Revenue surged from about $139 million to more than $198 million, driving profit after tax from $2.8 million to $6.2 million.
For a good cause
This year's CEO Sleepout on Thursday night raised more than $5 million for do-gooders the St Vincent de Paul Society to fight homelessness. Top fund-raiser was the head of Best and Less, Holly Kramer, who raised $148,000, while ABN Group MD Dale Alcock drew $129,000 and the CBA's head of retail banking services, Matt Comyn, was third with $113,000.
Goal for Palmer
Turns out Clive Palmer still has some association with soccer, despite the sad end of his Gold Coast United club. Two former players are running as candidates for his Palmer United Party: defender Kristian Rees and goalie Scott "Giggles" Higgins.
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Frequently Asked Questions about this Article…
The article says CBA ran an internet ad campaign that grouped young people into four ‘hipster’ categories (the erratic with beards, the habitual with cool glasses, the methodical fashionable type and the inventive with an easel). That sparked strong consumer backlash on Facebook, with viewers calling the ads patronising and urging the bank to pull them. The piece also notes CBA boss Ian Narev was already dealing with other media scrutiny at the time.
According to the article, the ad generated swift negative consumer reaction, which can create short-term reputational risk for a bank. While the story doesn’t claim any direct share-price impact, it highlights that reputational issues (especially when combined with other media scrutiny) are something investors may want to monitor for potential customer sentiment or brand-value effects.
The article reports a takeover-style stoush at Buccaneer Energy: two Singapore-based investors, Bernard Cheng and Cheng Chih Kwong, who together hold about 8.7% of the company, want to replace the incumbent board (Alan Broome, Curtis Benson, Frank Culberson and Dean Gallegos) with their nominees (Nick Davies, Shaun Scott and Clint Adams). The challengers say earlier paperwork was rejected over a stapling issue, and the board accuses them of trying to take control without a formal takeover offer.
The article suggests shareholders should expect a heated meeting focused on control of the company, votes on board appointments, and debate over allegations the incumbent board is effectively putting the company up for sale. Investors should note the Chengs’ stake (~8.7%), the names of the proposed directors, and the board’s response accusing the challengers of bypassing a formal takeover process.
Company filings cited in the article show Forever New’s revenue rose from about $139 million to more than $198 million in 2011–12, and profit after tax increased from $2.8 million to $6.2 million. The chain, focused on on‑trend frocks for teenage girls, is run by Dipendra and Amanda Goenka and backed by British retail figure Tom Singh.
The article reports the CEO Sleepout raised more than $5 million for the St Vincent de Paul Society to fight homelessness. Top fundraisers included Holly Kramer (head of Best and Less) who raised $148,000, ABN Group MD Dale Alcock who raised $129,000, and Matt Comyn (CBA’s head of retail banking services) who raised $113,000.
The article notes the Buccaneer board called out the challengers for mentioning the poor share-price performance of Dart Energy, because two of the three proposed Buccaneer directors also serve at Dart Energy. That overlap was flagged as relevant by the incumbent board.
Yes. The article mentions Clive Palmer still has associations with soccer despite his Gold Coast United club folding. Two former Gold Coast United players—defender Kristian Rees and goalkeeper Scott “Giggles” Higgins—are running as candidates for his Palmer United Party, a detail the article flags under local political and sporting connections.
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