CBD

Friendly match turns hostile

Friendly match turns hostile

The clash between Melbourne Victory and Greek side Olympiakos in May last year was supposed to be a friendly soccer match but relations between some of those involved in the fixture appear decidedly hostile.

Not only was Victory flogged 4-1, it appears to have taken a bath off-field as well. Last week the club filed a lawsuit in the Victorian Supreme Court, seeking to have SEQ Global, the Australian arm of sports financier SEQ, wound up for failing to pay it $116,000.

Victory claims SEQ agreed to guarantee the payment of the money by the event's promoter, John Denison, who didn't cough up. For those who aren't down with the lizanguage of the strizeets, Denison was one of the promoters behind failed hip-hop festival Supafest, which collapsed owing $2 million after rappers P. Diddy and Missy Elliott failed to appear at last year's event.

J-Den is also a former business associate of corporate crook "Rocket" Rodney Adler, who in the dayz of wayback funded failed Denison venture Smash Music.

Denison told CBD he had "nothing to do with the box office" money collected after the Victory-Olympiakos match.

"I was just the promoter," he said. "All the funds were received by SEQ, they were to distribute them accordingly."

He seemed unfazed by the flap.

"I've been sued for a long time, I'm an expert at this," he said.

CBD called SEQ's Sydney office and emailed director Stephen Duval, but has yet to hear back.

Cape out of range

Has Cape Range devised a fool-proof strategy for making sure numbers fall favourably at its special meeting of shareholders this week, or has it just forgotten to pay the phone bill?

The meeting will consider a reverse takeover by coal technology group Exogen and issuing shares to previous directors who say they are owed money.

However, shareholders who have attempted to lodge their proxies have discovered that Cape Range's fax number doesn't work.

What about the phone? No luck there either. The number given on Cape Range's ASX page appears to have been disconnected.

All very unhelpful when the meeting is on Thursday - by the time you read this article, the window for lodging proxies will have closed.

Minority upset

Minority shareholders at ASX-listed, but Bermuda-registered, Miclyn Express Offshore are again upset with the behaviour of majority owners CHAMP and Headland Capital Partners, who between them own 75 per cent.

The private equity groups were able to take control of the mining shipping services outfit because it's subject to Bermudian law, which offers far fewer protections to minority investors including BT, property development veteran Bill Bowness' Wilbow Group and the Myer family's OC Funds Management. On Monday, Wilbow CEO Michael Herskope wrote to CHAMP and Headland, complaining that no new independent directors had been appointed since the last two resigned at a torrid shareholder meeting in June.

Herskope also asked for reassurance that the PE pair would tell the ASX of any good news on the earnings front, even if it caused the share price to rise, contrary to their interests. Of course they will.

Garrett test drive

Spotted in the Volkswagen dealership on Sydney's North Shore, Monday arvo: Midnight Oil member, outgoing MP for Kingsford Smith and former education minister Peter Garrett. The chrome-domed superstar took a test drive, perhaps looking for a little post-politics diesel and dust.

However, it seems the jaunt was just blue sky mining, as he didn't buy. Maybe VW's shiny new bugs just aren't as rock'n'roll as a dirty old Kombi van.

Got a tip?

bbutler@fairfaxmedia.com.au

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