CBD
There was no unco-operative carousel, insists defrocked doctor Geoffrey Edelsten.
Not content with disputing CBD's account of his luggage-wrestling at Melbourne Airport last week (CBD, Monday), Edelsten has dusted off his Australia's Worst Journalist website to deliver fresh hell.
"His defamatory poison states 'hitman hiring' which is false," Edelsten griped.
Oh really? Let's go to the public record. In 1988, a medical tribunal found that four years earlier Edelsten "had a conversation with a criminal, whom he believed to be a professional standover man and murderer, with a view to obtaining his assistance to intimidate by threats or violence a former patient whom the applicant alleged was harassing him".
In July 1990, the NSW Supreme Court found him guilty of soliciting an assault by the criminal, Christopher Dale Flannery, aka Mr Rent-A-Kill.
Edelsten also describes CBD as a "blatant liar". Is this the same Geoffrey Edelsten who a Victorian Supreme Court judge last year compared to "the greatest perjurer that ever lived", Titus Oates?
Yes. Justice David Beach said both Edelsten and his opponent, Stacy da Silva, were "prepared to mislead me in respect of any matter that they thought they could get away with".
Readers can decide for themselves whether CBD or Edelsten is more credible.
Ramsay wisdom
Is there something in the water at private hospital group Ramsay Health Care?
"From a leverage and cash management point of view, the Ramsay snake, as Mr Weiner has dubbed it over the years, continues to hover at very modest levels," CEO Chris Rex said as he talked through Thursday's profit presentation.
Moving through the slide pack, he continued: "It's always nice to have as many photos of the Village People wearing their yellow hard hats as possible, I find. And today's presentation is no different.
"I particularly like the red Indian has got his yellow hat on in this one as well."
Name saver
Just when the word "Ivanhoe" had finally disappeared from the global mining industry, enigmatic entrepreneur Robert Friedland has returned to reclaim his once famous brand by renaming his African exploration company Ivanplats as Ivanhoe Mines.
Ivanhoe Mines was a Canadian listed company through which Friedland did extensive mineral exploration all over the world.
The group's most famous work was in Mongolia, where it played a big role in discovering the true extent of the Oyu Tolgoi copper and gold deposit. Friedland and Ivanhoe bought the Oyu Tolgoi tenements from BHP Billiton and eventually proved the deposit was far better than first thought.
This attracted Rio Tinto, which gradually took a majority stake in Ivanhoe Mines to nab the mine.
That takeover destroyed the relationship between Rio and Friedland, and Rio ultimately changed the name of Ivanhoe to Turquoise Hill Resources.
Rio is disposing of the lesser assets within Ivanhoe Mines, including ASX-listed Ivanhoe Australia. Earlier this year Ivanhoe Australia changed its name to Inova Resources, in a bid to distance itself from the Friedland era.
Farewell Toronto
CBD regular Newcrest has waved goodbye to its listing on the Toronto Stock Exchange.
The miner set up the listing in early 2012 because it felt the listing would help it be better compared to the big gold miners of North America, such as Barrick Gold and Newmont Mining.
But very few shares have been traded on the index, and with the company now trying to cut costs, the Toronto listing was a logical thing to axe. Fans of arbitrage trades still have a chance to punt on Newcrest: it continues to be listed on both the ASX and the Port Moresby Stock Exchange in PNG.
Got a tip?
bbutler@fairfaxmedia.com.au
Frequently Asked Questions about this Article…
Ramsay Health Care’s CEO Chris Rex told investors that, from a leverage and cash management point of view, “the Ramsay snake…continues to hover at very modest levels.” He made the comment while talking through the group’s profit presentation, signalling conservative leverage and cash management in the results commentary.
The article reports Ramsay’s management describing leverage and cash management as ‘very modest,’ which investors commonly view as an indicator of prudent balance‑sheet management. While the article doesn’t provide detailed ratios, the CEO’s comment in the profit presentation suggests management sees financial gearing and liquidity as conservative.
Robert Friedland returned to reclaim the Ivanhoe brand by renaming his African exploration company Ivanplats to Ivanhoe Mines. The article frames the move as a branding restoration: Friedland’s original Ivanhoe Mines was known for major exploration success (notably at Oyu Tolgoi), so the rename signals a return to the well‑known Ivanhoe identity that has historical recognition among investors.
The article notes that Friedland’s Ivanhoe Mines played a big role in discovering the extent of the Oyu Tolgoi copper‑gold deposit in Mongolia. That success attracted Rio Tinto, which gradually took a majority stake in Ivanhoe Mines, a takeover that damaged the Rio–Friedland relationship and ultimately led Rio to rename parts of the business (including changing Ivanhoe to Turquoise Hill Resources).
According to the article, Rio Tinto has been disposing of lesser assets within the Ivanhoe group, including ASX‑listed Ivanhoe Australia. Earlier this year Ivanhoe Australia changed its name to Inova Resources in an effort to distance itself from the Friedland era.
The article says Newcrest set up a Toronto listing in early 2012 to be better positioned against North American gold majors, but very few shares traded on that exchange. Facing a drive to cut costs, the miner decided the Toronto listing was a logical expense to drop and has waved goodbye to the TSX.
Yes. The article notes Newcrest remains listed on the ASX and on the Port Moresby Stock Exchange in Papua New Guinea, which the piece points out still leaves a chance for arbitrage traders between those markets.
The article describes Geoffrey Edelsten as a defrocked doctor who disputed a CBD report about a luggage incident at Melbourne Airport and revived his ‘Australia’s Worst Journalist’ website in response. It also cites public record: a 1988 medical tribunal finding about a conversation Edelsten had with a criminal to intimidate a former patient; a July 1990 NSW Supreme Court finding him guilty of soliciting an assault involving Christopher Dale Flannery; and a Victorian Supreme Court judge’s recent comment likening him to ‘the greatest perjurer’ Titus Oates. The article leaves credibility for readers to judge between Edelsten and CBD.
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