There will now be only one Virgin Blue director suffering from a sore rear end at next month's board meeting. The Geneva-based boss of Virgin Group's Asia-Pacific and aviation interests, David "Lance" Baxby, is now in final preparations for a seven-stage 1100 kilometre bike trek from Melbourne to Sydney.
Baxby will be accompanied by his younger brother, Matt Baxby, who is the Australian head of Virgin Money, and his father, Geoff Baxby, in the annual Tour de Kids charity event.
However, in a major disappointment, the chief executive of Virgin Blue, Brett "Cadel" Godfrey, has withdrawn from the event, due to start on February 27.
The seven-day ride hopes to raise $500,000 for several kids charities, including the Starlight Children's Foundation.
Team Baxby has already secured a $25,000 sponsorship from Virgin founder Sir Richard Branson and is in the top two positions on the fund-raising leaderboard.
Other lycra pant-wearing corporate types in the event include the former Colonial First State chief executive and 452 Capital
co-founder Warwick Negus, Harvey Norman executive director John Slack-Smith, the investment manager of Alex Waislitz's Thorney Investment Group, Peter Landos, Grocon funds management boss Bevan Towning, Griffin Capital founder David Allen, Colliers operatives David Morris, Vince Kernahan and Gavin Bishop, and Caltex Energy regional manager Wade Death. One of the favourites for the yellow jersey is Colliers industrial property executive and 2004 Olympic cycling gold medallist Stephen Wooldridge.
MAN ALIVE
The Faustian-pact sector is facing a new challenge. A British "serial entrepreneur" is offering to sell 10 per cent of himself for #1 million ($1.8 million) to willing investors. By forking out the money, James Layfield says, investors will get a 10 per cent cut of his future earnings. "In this economic climate I'm a good bet," explains the former Virgin Group employee on his website.
"So how can I change the game? Well, consider that I've got some clear goals, I'm young, well 36, I've now got three companies, which are on the right track, I have ideas for more. So investors, don't risk your money on one new start-up. Invest in me, hedge on all of my ventures," says Layfield's blurb to investors.
The business interests of his business venture firm Never Ever Limited include a marketing agency for under-35s, an airport lounge operator and a business development advisory firm.
Despite one Sydney-based contact of Layfield's informing CBD yesterday that he was "looking to expand his footprint into Australia and attract investors, business ideas and entrepreneurs alike", the entrepreneur claimed he was "closer" to his target yesterday.
"We've had a phenomenal number of responses already. Investments of 10K-250K wanted already," Never Ever Limited said in a tweet yesterday.
It is unclear if Layfield has any plans to list himself on the London Stock Exchange. If someone buys 10 per cent of Layfield, this could also block a future takeover of the 36-year-old.
NOBODY ASKED ...
Resourcehouse Limited chairman Clive Palmer attempted to clear up any confusion yesterday surrounding the alleged $US60 billion ($68.5 billion) coal deal with a Chinese electricity company.
"It really doesn't make a difference whether we made a clerical error, the deal is going ahead," explained the mining magnate and former spokesman for Queensland Premier Sir Joh Bjelke-Petersen.
It seems a clerical error also occurred when several well-placed leaks were made to the financial media from sources close to Palmer.
Yesterday, Palmer said the company never had any plans to raise $US3 billion from an IPO on the Hong Kong Stock Exchange.
Palmer lashed out at the media for its "very, very poor" coverage and said "no one contacted me". Strange how Palmer - after multiple press conferences - brought up the incorrect media reports only when his alleged IPO was derailed after his alleged deal to sell coal to China Power International Holding came under a cloud on Monday.
WAR STORIES
The matter has no relation to a report by the ABC in 2007 that a man called Clive Palmer purchased some Nazi war memorabilia at a Brisbane auction. "Of those, about 50 per cent were lost in the aftermath of World War II, so it's a very rare medal and it's good to find it in Brisbane," said Palmer, referring to the Nazi war medal for $18,000 at the auction.
MOVING ON
Seems the employees of Macquarie Group's real estate funds management (aka wealth destruction) arm have already started packing their desks and giving their silver doughnuts one final polish.
Macquarie is expected to announce the sale of the already scaled-down business to the funds management firm Charter Hall this morning. While some Macquarie staff are expected to transfer across to Charter Hall within the month, many others are expected to be handed a pink slip.
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Frequently Asked Questions about this Article…
What is the Virgin Blue charity bike ride and who from the company is taking part?
The article reports a seven-stage, 1,100-kilometre Tour de Kids charity ride from Melbourne to Sydney aiming to raise $500,000 for kids' charities including the Starlight Children's Foundation. David “Lance” Baxby, Geneva-based boss of Virgin Group's Asia‑Pacific and aviation interests, will ride alongside his brother Matt Baxby (head of Virgin Money Australia) and their father Geoff Baxby. Virgin founder Sir Richard Branson has sponsored Team Baxby with $25,000 and the team sits near the top of the fundraising leaderboard.
Did Virgin Blue’s CEO Brett 'Cadel' Godfrey participate in the fundraising ride?
No. The article says Brett 'Cadel' Godfrey, the chief executive of Virgin Blue, withdrew from the event and will not take part in the Tour de Kids ride that was due to start on February 27.
Could the charity ride or executive involvement affect investor perception of Virgin Blue or related Virgin businesses?
The article focuses on the charity event and high-profile involvement (including a sponsorship from Richard Branson) rather than financial impacts. For everyday investors, such charity participation can raise a company’s public profile and goodwill, but the article does not link the ride directly to Virgin Blue’s financial performance or stock outcomes.
Who is James Layfield and what does it mean that he’s offering to sell 10% of himself to investors?
James Layfield is described as a British 'serial entrepreneur' and former Virgin Group employee who, via his firm Never Ever Limited, is offering investors a 10% cut of his future earnings in exchange for £1 million (about $1.8 million). His businesses include a youth marketing agency, an airport lounge operator and a business development advisory firm. The article frames this as an unconventional personal-equity pitch rather than a typical corporate share sale.
What investment terms did Never Ever Limited advertise and is a public listing mentioned?
Never Ever Limited tweeted it had attracted responses and was seeking investments in the $10,000–$250,000 range. The article notes it is unclear whether Layfield plans to list himself on the London Stock Exchange, so no concrete listing plans are confirmed.
What controversy is surrounding Resourcehouse Limited and Clive Palmer in the article?
Resourcehouse chairman Clive Palmer tried to clear up confusion about an alleged US$60 billion coal deal with a Chinese electricity company. Palmer said a clerical error may have caused misleading reports and insisted the deal is proceeding. He also denied plans to raise US$3 billion via an IPO in Hong Kong, and criticized media coverage related to these reports.
What is happening with Macquarie Group’s real estate funds management arm and what does that mean for staff?
The article says Macquarie is expected to announce the sale of its already scaled‑down real estate funds management business to Charter Hall. Some staff are expected to transfer to Charter Hall within the month, but many others in the unit are anticipated to be given pink slips (laid off). The report frames this as a significant reshuffle for that Macquarie division.
Which other corporate figures or firms were mentioned as participating in the Tour de Kids charity event?
Besides the Baxbys, the article lists several corporate participants: former Colonial First State CEO and 452 Capital co‑founder Warwick Negus; Harvey Norman executive director John Slack‑Smith; Peter Landos from Thorney Investment Group; Bevan Towning of Grocon funds management; Griffin Capital founder David Allen; Colliers operatives David Morris, Vince Kernahan and Gavin Bishop; Caltex Energy regional manager Wade Death; and Colliers industrial executive and 2004 Olympic cycling gold medallist Stephen Wooldridge, who is noted as a favourite for the yellow jersey.
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