Shareholders in the Charter Hall Office real estate investment trust should consider booking a spot in their nearest cryogenic chamber.
It could be another 900 years before they will be able to change their responsible entity, going by the notice of meeting lodged on the website of the group attempting to wrest control of the fund.
"The unit holder meeting is to be held at 10am on 27 July, 2911, at the Grand Ballroom, Sheraton on the Park, 161 Elizabeth Street, Sydney NSW 2000," said an update on the website of the Bill Moss-founded Moss Capital, which is attempting to be voted in as the responsible entity of the fund.
"This document may include forward-looking statements, which involve a number of risks and uncertainties," the notice of meeting said.
HARTO TO HEART
The chief executive of News Limited, John Hartigan, went to more lengths yesterday to remind his staff that they were free to access the media group's editorial code of conduct.
"Yesterday I asked divisional managers to publish the editorial code on each of our masthead websites to neutralise even the most ludicrous assertions that we are somehow afraid to disclose it," Harto said in a message to staff.
He also reminded staff that News Limited (publisher of The Australian) and the British News International (publisher of The News of the World) were completely different companies. He noted how "a major television news bulletin [reported] that News Limited executives were suspects in the phone hacking scandal - they apologised and corrected this the following night".
But, just to be sure everything remains squeaky clean, Harto said he supported the new set of national standards being devised by the Australian Press Council. "I welcome this and News will work with the Press Council and other media outlets to strengthen the council's ethical codes and guidelines and improve its complaints handling process," he said.
BURIED DEEP
Investors unhappy at Qantas and Virgin Australia for not providing detailed enough financial accounts should take a look at the oil rich emirate of Abu Dhabi.
Etihad Airways blurted in a media release yesterday that it had produced "positive EBITDAR (earnings before interest, tax, depreciation, amortisation and rentals) in the six months from January 1 for the first time".
"The results mark continued progress towards the airline's goal of breaking even this year and moving into sustainable profitability in 2012," the airline, which is headed by the former Ansett operative James Hogan, said.
But that was all the detail that could be gleaned. A spokesman said Etihad was not required "to publicly release our accounts".
"However, the 40 banks in our lending portfolio are provided with quarterly accounts audited by KPMG and we have always received an unqualified audit report. Our accounts are also audited by the Abu Dhabi Accounts Authority," he said.
Etihad also has the comfort of knowing that its chairman, Sheikh Hamed bin Zayed Al Nahyan, is the head of the world's largest sovereign wealth fund, the Abu Dhabi Investment Authority. The airline's profits are even more impressive on a EBITDARLFA (earnings before interest, tax, depreciation, amortisation, rentals, labour, fuel and alcohol) basis.
LORD'S PRAYER
John Elliott's former sidekick at Elders IXL, Geoff Lord, has resurfaced with plans to top up the board of the explorer Copper Strike.
Just one week after the explorer received a $16 million offer for one of its projects from Kagara Limited, deciding to return the proceeds through a capital return, Copper Strike yesterday disclosed Lord, along with four other shareholders, had requisitioned a meeting to install four new directors (including Lord).
Copper Strike in a statement said it saw the requisition of meeting "as an opportunistic attempt to gain control of the company by a small minority of shareholders who as of now are the holders of 5.4 per cent of the shares". .
CBD was unable to get Lord's thoughts on Copper Strike's plans to return capital to its shareholders.
A NICE FIT
A Citigroup analyst, Alex Smith, issued a fairly arousing research note yesterday that discussed the implications of the supply shortages faced by the condom maker Durex on the ASX-listed Ansell. The note said Ansell was "well placed to pick up" some of Durex's lost sales. The note said "this one-time uplift" combined with "softening latex prices" could lead to a better than expected 2012 financial year profit result.
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Frequently Asked Questions about this Article…
Why does the Charter Hall Office REIT notice show a meeting date in the year 2911?
The notice of meeting lodged on the website of Moss Capital (the group trying to take control of the fund) lists a unit holder meeting at 10am on 27 July 2911. The article highlights that odd date — joking that shareholders might have to wait about 900 years to change the responsible entity — and notes the notice also warns it may include forward‑looking statements with risks and uncertainties.
Who is Moss Capital and what are they trying to do at Charter Hall Office REIT?
Moss Capital, founded by Bill Moss, has lodged a notice of meeting saying it is attempting to be voted in as the responsible entity of the Charter Hall Office real estate investment trust. The meeting notice and Moss Capital’s website update are the basis for their push to replace the current responsible entity.
What did News Limited CEO John Hartigan ask staff to do about the company’s editorial code?
John Hartigan asked divisional managers to publish News Limited’s editorial code on each masthead website to neutralise claims the company was reluctant to disclose it. He also reminded staff that News Limited (publisher of The Australian) and the UK’s News International are different companies, and said he welcomed new national standards being developed by the Australian Press Council.
What profit update did Etihad Airways release and did it make full accounts public?
Etihad said it produced "positive EBITDAR" (earnings before interest, tax, depreciation, amortisation and rentals) in the six months from January 1 for the first time and described this as progress toward breaking even that year and moving into sustainable profitability in 2012. The airline also said it was not required to publicly release its full accounts, though it provides quarterly audited accounts to the 40 banks in its lending portfolio (audited by KPMG) and is audited by the Abu Dhabi Accounts Authority.
What do the terms EBITDAR and EBITDARLFA mean in Etihad’s results?
The article defines the acronyms: EBITDAR stands for earnings before interest, tax, depreciation, amortisation and rentals. EBITDARLFA expands that to earnings before interest, tax, depreciation, amortisation, rentals, labour, fuel and alcohol — the article says Etihad’s profits look even better on an EBITDARLFA basis.
What’s happening at explorer Copper Strike and who is Geoff Lord in this story?
Geoff Lord, formerly associated with Elders IXL, has resurfaced in a move to top up Copper Strike’s board. According to the company, Lord and four other shareholders requisitioned a meeting to install four new directors (including Lord). This came a week after Copper Strike received a $16 million offer from Kagara for one project and opted to return proceeds via a capital return. Copper Strike described the requisition as an opportunistic attempt by a small minority holding 5.4% of the shares.
Could Ansell benefit from Durex supply shortages, and what did analysts say about future profits?
A Citigroup analyst, Alex Smith, told investors that Ansell (the ASX‑listed maker affected by Durex supply shortages) is "well placed to pick up" some of Durex’s lost sales. The analyst suggested that this one‑time sales uplift combined with softening latex prices could lead to a better‑than‑expected profit result for Ansell in the 2012 financial year.
How can readers send tips about the companies or stories mentioned in the article?
The article invites readers to use the publication’s online tips box or to email tips directly to srochfort@smh.com.au.
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