CBD
Reality TV star and finance company operator Mark Bouris insists his Yellow Brick Road is not shorter than advertised.
Bouris is famous for delivering the "you're fired" catchphrase in his role on The Apprentice, and discrepancies between the number of branches advertised by his Yellow Brick Road group made CBD wonder if some of its outlets had also been declared surplus to requirements.
In an investment presentation given this month, YBR claimed it had 168 branches at the end of June, up from 120 at the same time last year.
But CBD counted only 92 open branches in the list on the company's website, with five more described as "coming soon". Had these licensees been fired? According to a YBR spokeswoman, no: they've been hired.
"We had 168 branch licences signed at 30 June as reported," she said. "We don't list all branch licences signed on our website as there is a process to get them up and operating."
Loyal Hawkins
CBD hears Myer is quietly confident of striking a new deal with the woman whose face adorned its 2009 prospectus, Jennifer Hawkins. It's thought that under the new arrangement Hawko will have to nominate her successor, CEO style.
Her current $5 million deal, signed before the float, included equity in the empire. Shares immediately fell on listing.
Wallis falls flat
Westpac institutional boss Rob Whitfield is the latest heavy-hitter to take exception to the nickname given to Joe Hockey's planned financial system inquiry, "Son of Wallis". "I would love if we could move away from calling it Son of Wallis - it is a financial services inquiry," he said in Sydney.
Asked how he felt about different nicknames such as "Hockey's child", Whitfield responded: "Hockey's child is better."
Son of Wallis is a reference to the previous 1997 inquiry by businessman Stan Wallis, and has been spruiked by Hockey since late 2010.
Australian Super chair Heather Ridout has also complained about the moniker, last month saying she'd prefer "Daughter of Wallis".
There's no love at all out there for CBD's preferred nickname, Wallis II: Electric Boogaloo.
Big-time vacancy
So you're a captain of industry, a leader of men and women with a big car, big house, big boat and big ego - but there's something missing. Perhaps you crave respect - a place at the table with world leaders, where you can share your big thoughts on geopolitics.
CBD has the job for you. There's a vacancy in the B20 group, the gathering of Australian business bigwigs involved with the G20 group of developed nations.
With Australia set to host the G20 meeting next year, a seat on the so-called B20 board, which meets in Sydney on Thursday, is more prestigious than ever.
In February, former prime minister Julia Gillard announced Australia's delegation would be led by Wesfarmers CEO Richard Goyder.
Since then, the 25-strong group has been through more changes than an injury-prone footy side. Goyder is still there, but the squad has now expanded to 28 - including the vacant position.
Out are Virgin Australia boss John Borghetti, former Google head searcher Nick Leeder, Australian Industry Group boss Innes Willox and former BHP boss Marius Kloppers.
In are the new Google boss, Maile Carnegie, new BHP head Andrew Mackenzie, West Australian billionaire Kerry Stokes, Rio Tinto MD David Peever and ANZ head teller Mike Smith.
If this sounds like your sort of company, applications should presumably be sent care of T. Abbott, Parliament House.
Got a tip?
bbutler@fairfaxmedia.com.au
Frequently Asked Questions about this Article…
According to the article, YBR said it had 168 branch licences signed at 30 June (up from 120 a year earlier), but a count of branches on the company's website found only 92 open outlets plus five listed as “coming soon.” For investors, that matters because a count of signed branch licences can signal future expansion, while the number of operating branches is more directly linked to current revenue. The company told CBD it doesn’t list every signed licence online because there’s a process to get new licences up and operating.
No — the article distinguishes between branch licences signed and branches actually open for business. YBR’s spokeswoman said the company had 168 licences signed but doesn’t immediately list all of them on its website because new licences must go through a process before they’re up and operating. Investors should treat signed licences as potential future outlets rather than instant contributors to cash flow.
Investors should view the 168 signed licences as an indication of growth potential rather than immediate earnings. The key questions to follow up on are how many of those licences convert into trading branches, the expected timing of conversions, and whether the company provides clear disclosure on conversion rates and revenue contributions from new branches.
The article reports CBD hears Myer is quietly confident of striking a new deal with Jennifer Hawkins, who featured on Myer’s 2009 prospectus. Her original $5 million deal (signed before the float) included equity and the shares fell on listing. Under the rumoured new arrangement, Hawkins may have to nominate a successor in a CEO-style role. These are reports from the article rather than confirmed details of an executed deal.
‘Son of Wallis’ is the informal nickname for a planned financial system inquiry referenced by Joe Hockey; it alludes to the 1997 Wallis inquiry led by Stan Wallis. The article quotes Westpac institutional boss Rob Whitfield asking to move away from the nickname and Australian Super chair Heather Ridout preferring ‘Daughter of Wallis.’ For investors, the important point is that it’s a major financial services inquiry that could lead to regulatory changes affecting banks, funds and related companies.
The B20 is a gathering of Australian business leaders linked to the G20 process. With Australia hosting the G20 meeting next year, a seat on the B20 delegation (which convenes in Sydney) is especially prestigious. For investors, B20 participants can help shape policy dialogue on international business and economic issues that may influence regulatory settings, trade and the operating environment for large companies.
The article says the delegation, led by Wesfarmers CEO Richard Goyder, expanded from 25 to 28 members. Out were Virgin Australia boss John Borghetti, former Google head Nick Leeder, Australian Industry Group boss Innes Willox and former BHP boss Marius Kloppers. In were new Google boss Maile Carnegie, new BHP head Andrew Mackenzie, West Australian billionaire Kerry Stokes, Rio Tinto MD David Peever and ANZ’s Mike Smith.
The article ends with a tips email: bbutler@fairfaxmedia.com.au. If you have relevant news or a tip related to the topics covered, the piece suggests contacting that address.
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