Harold Mitchell, shareholder voting rights, a flurry of media AGMs, Worley Parsons capital raising and the Victorian election

In this week’s edition of The Mayne Report, Stephen Mayne queries whether shareholders really need a vote on demergers — he believes shareholders would much rather have a say on mergers, major takeovers or disposals such as the AMP Life deal. There’s plenty more to chew on as well, including accounts from the Seven, Nine and Macquarie Media AGMs, plus an update on the Worley Parsons capital raising debacle and some early reaction to today’s ASIC civil charges against Harold Mitchell.

Harold Mitchell has long been an influence merchant amongst the billionaires who occupy the Australian media landscape, but today’s ASIC charges over the Tennis Australia rights have laid bare his operating style. And it is not good.

As a director of Tennis Australia, Harold was clearly biased in favour of the incumbent rights holder, Seven West Media. He was allegedly leaking sensitive board information to a bidder in a competitive environment. Then Tennis Australia President Steve Healy is also facing charges.

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