CBD
Not even the children of the nation's rich and powerful are safe from the powerful money Hoover operated by the cash-hungry Rudd government.
A pair of bank accounts held in the names of AFL boss Andrew Demetriou's twin daughters have been emptied out into the Commonwealth consolidated revenue fund, a government gazette released on Friday shows.
The gazette names two unclaimed bank accounts, each of $2471.43, belonging to Alexandra Demetriou and her sister Zoe, care of Andrew Demetriou's $6.8 million home in the leafy Melbourne suburb of Toorak.
Bank accounts from which there are no deposits or withdrawals are transferred to the government after three years - reduced from seven years in December in a move that has so far netted $450 million.
To get the money back, punters need to apply to their banks.
Demetriou is pretty busy right now - finals are fast approaching and on Monday he was sitting at an AFL Commission hearing of charges against the Essendon Football Club over the supplements scandal that has gripped the code.
But, while the AFL boss brought home $1.88 million last year, it appears he is determined to recover the relatively small amount of missing money.
"Yes, he is aware of it with both his daughters and is in the process of reclaiming their money," AFL spokesman Patrick Keane said.
Win for Twiggy
He may have lost on the mining tax, but his investment in biotech Allied Healthcare Group has proved healthy for Fortescue founder Andrew Forrest.
Twiggy quietly increased his stake in Allied to 17.05 per cent on July 30, paying almost $1 million to buy about 20.8 million shares.
That's a price of about 4.8¢ a share. But the stock's been on a run since, culminating in a speeding ticket issued by the ASX last week after its price surged from 5.8¢ on August 12 to a peak of 7.6¢ on August 19.
On Monday the company said its cardiovascular patch, CardioCel, had passed European safety rules. Allied closed at 7.9¢, meaning Twiggy has made a quick paper profit of $644,000 on his latest purchase. His entire stake - some 176 million-odd shares - is worth close to $14 million.
Rough swells
Management wipeouts at troubled surfwear group Billabong have left the company without a big kahuna to unveil its annual results on Tuesday morning.
Former Target managing director Launa Inman got caught in the rip on August 5, standing down as chief executive when the company agreed to a rescue package with the Altamont consortium.
Former Oakley chief executive Scott Olivet was set to surf into the top job, subject to Takeovers Panel approval - a process the company said "may take a week or more".
It's yet to happen, with the tide turning after the Takeovers Panel forced the Altamont crew to tone down some of its more obnoxious demands and the rival Oaktree-Centerbridge consortium dropping in with a fresh offer.
So who will be head grommet at Tuesday's dial-in? Apparently the show is to be run by finance chief and acting chief executive Peter Myers, who came from APN in January.
Chairman Ian Pollard will also be on hand.
Within Range
Being suspended from the exchange won't stop Cape Range steaming ahead with its deal to become the listing vehicle for brown coal treatment outfit Exergen, chairman Wayne Johnson insists.
He told CBD Cape Range would pay its ASX fees by August 29 and would be lodging a prospectus this week to raise up to $5 million.
Asked when Cape Range would be back trading on the bourse, he said: "The timetable we're targeting is the end of October."
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Frequently Asked Questions about this Article…
A government gazette named two unclaimed bank accounts — each worth $2,471.43 and in the names of Alexandra and Zoe Demetriou, care of Andrew Demetriou's Toorak address — that have been transferred to the Commonwealth consolidated revenue fund after there were no deposits or withdrawals for the statutory period.
Bank accounts with no activity are transferred to the Commonwealth consolidated revenue fund after a set period. That period was reduced from seven years to three years in December, a change that has so far netted the government about $450 million, according to the article.
The article says people can get the money back by applying to their banks. In the Demetriou case an AFL spokesman confirmed Andrew Demetriou is in the process of reclaiming the funds for his daughters.
Andrew 'Twiggy' Forrest quietly increased his stake in Allied Healthcare Group to 17.05% on July 30, paying almost $1 million to buy about 20.8 million shares at roughly 4.8 cents a share. The stock then ran higher, and after CardioCel passed European safety rules the shares closed at 7.9 cents, giving Forrest an estimated paper profit of $644,000 on that latest purchase and valuing his total stake (about 176 million shares) at close to $14 million.
CardioCel is Allied Healthcare’s cardiovascular patch. The article reports the product passed European safety rules, news that coincided with a strong run in Allied’s share price and regulatory interest from the ASX.
Billabong has had management shake-ups: former Target MD Launa Inman stood down as CEO on August 5 when the company agreed a rescue package with the Altamont consortium. Scott Olivet was proposed as incoming CEO subject to Takeovers Panel approval, but the panel forced Altamont to tone down some demands and rival bidders Oaktree-Centerbridge submitted a fresh offer. For the company’s annual results the show was set to be run by finance chief and acting CEO Peter Myers, with chairman Ian Pollard also on hand.
The ASX issued a so‑called 'speeding ticket' after Allied Healthcare's share price surged from 5.8 cents on August 12 to a peak of 7.6 cents on August 19. The article uses that phrase to describe ASX regulatory action following an unusually rapid price move in the stock.
Cape Range’s chairman Wayne Johnson told CBD the suspension won’t stop its plan to become the listing vehicle for brown coal treatment group Exergen. He said Cape Range would pay its ASX fees by August 29, lodge a prospectus to raise up to $5 million that week, and was targeting the end of October to be back trading on the bourse.
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