CBD
It also reckons the fibre in its "natural weight loss aid", Ultiboost Trimshot "ensures regularity" (are Kidman's innards as smooth and immovable as her face? Probably best not to ask.)
A pity then Swisse cannot ensure the regular delivery of its accounts to the corporate regulator.
Chief financial officer Michael Da Gama Pinto confirmed to CBD that the company's annual report for the 2012 financial year is eight months late.
He said he joined the company four months ago and was "in the process of changing auditors".
"We're going to a big-four audit firm ... We'll be lodging with ASIC in the short term."
What does "short term" mean?
"Within a couple of months."
Why does changing auditors cause such a long delay?
"This is a procedural matter, we're on top of it."
And as failing to lodge accounts is a crime, has Swisse had any contact with ASIC's crack investigators?
"We've made ASIC aware of our process."
So informative, and ASIC was not much better. A spokesman for the watchdog declined to comment specifically on Swisse but said it had "a regular compliance program in place to identify and contact proprietary companies that have failed to lodge financial reports as required by the [Corporations] Act".
Reshuffle
There's a bit of corporate reshuffling going on as Australia's least favourite son, Tom Waterhouse, prepares to sell his bookmaking operation (reportedly to British bookie William Hill).
Out as shareholders in Tom Waterhouse NT, which holds the bookmaking licence, are Waterhouse family companies Torolo and Wunderkid. Their shares have been transferred to Tom's aunt, Louise Waterhouse, and his dad, Robbie Waterhouse.
Robbie, who spent 14 years warned off racecourses after 1984's Fine Cotton ring-in scandal, previously held his stake in the bookmaker indirectly through Torolo. A sale of the business would, of course, put an end to unfair talk of a conflict of interest between Tom, Robbie and Louise's bookmaking business and the horse training empire run by Robbie's wife, Gai "bugger the criticism" Waterhouse.
Whether it would get Tom off Australia's TVs is another question.
Tin fills up
Thursday was your last chance to put money into Inabox, the telco wholesaler chaired by former adman and CBD's No. 1 fanboy, Siimon Reynolds.
Inabox's IPO was due to close on June 14 but was extended so the company could spend more time shaking the tin - although last week it said "despite challenging stockmarket conditions" it had "raised sufficient spread of shareholders and funds to list and carry on the business".
And on Wednesday, Inabox revealed M2 Telecommunications had stumped up $2 million, giving it 12 per cent of the company. That's great news for Siimon, as it's enough to cover his $100,000-a-year chairman's fee for 20 years.
Fighting on
CBD got the location of Palmer United Party Senate candidate Barry Michael's 1985 title fight against Lester Ellis wrong on Thursday. It was at Melbourne's famed "house of stoush", Festival Hall, not in Darwin, as CBD stated. The Darwin fight, for which Michael was never properly paid, was a compulsory defence against Korean challenger Jin Sic Choi. Michael also took exception to CBD's scepticism he could take a Senate seat; an answer to that will be delivered at the upcoming election (whenever that is).
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bbutler@fairfaxmedia.com.au
Frequently Asked Questions about this Article…
The article reports Swisse Wellness's annual report for the 2012 financial year was eight months late. CFO Michael Da Gama Pinto said he joined four months earlier and the delay is linked to changing auditors; the company plans to lodge with ASIC in the short term (he said "within a couple of months") and has made ASIC aware of the process.
Swisse told the article the delay is a procedural matter tied to switching to a big-four audit firm. The CFO characterised the auditor change as the reason for the extended timeline and said the company was "on top of it" and expected to lodge accounts shortly.
A Swisse spokesman said the company had made ASIC aware of its process. An ASIC spokesman declined to comment specifically on Swisse but confirmed the regulator runs a regular compliance program to identify and contact proprietary companies that fail to lodge financial reports as required by the Corporations Act.
The article notes Swisse employs many celebrities to promote its range, including global ambassador Nicole Kidman, Lleyton Hewitt and Marcia Hines. For everyday investors, that highlights Swisse's high-profile marketing approach, though the article does not provide financial performance details tied to those endorsements.
The article cites Swisse's claim that the fibre in its "natural weight loss aid" Ultiboost Trimshot "ensures regularity." The piece describes the vitamins outfit as controversial and highlights that specific product claim without offering independent verification.
The article says Tom Waterhouse is preparing to sell his bookmaking operation, reportedly to British bookie William Hill. It also notes shareholdings in Tom Waterhouse NT were transferred from family companies Torolo and Wunderkid to Tom's aunt Louise Waterhouse and his father Robbie Waterhouse, which a sale would likely end perceptions of a conflict of interest with the family's horse training business.
Inabox extended its IPO closing (originally due June 14) and said it had raised a sufficient spread of shareholders and funds to list. The article reports M2 Telecommunications invested $2 million for a 12% stake in Inabox, an amount described as sufficient to cover chairman Siimon Reynolds's $100,000-a-year fee for 20 years.
Barry Michael, a Palmer United Party Senate candidate, had his 1985 title fight against Lester Ellis held at Melbourne's Festival Hall, not in Darwin as CBD initially stated. The article also notes Michael's Darwin fight against Jin Sic Choi was a separate compulsory defence for which he says he was never properly paid, and that Michael took issue with CBD's scepticism about his Senate prospects.
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