As Wallabies captain, Phil Kearns learnt to lead by example and it is a lesson he has taken to his latest gig at Centric Wealth, which is the subject of a $130 million takeover offer from rival wealth advisory group Findex.
The former hooker owns 27.6 million shares worth a tidy $2.46 million under the terms of the takeover offer.
Bid documents indicate that Kearns would have paid about $550,000 for the stock when he joined in December 2011 under its management incentive plan at the time.
But it is not the only big pay day for Kearns.
The Bid Implementation Agreement contains provisions allowing Centric Wealth to pay ”bonuses to management up to an aggregate amount of $3,679,714”.
Centric was a bit shy about explaining exactly how that little pile of wealth will be spread.Mateship matters
The recent Senate hearings on ASIC revealed the corporate pup tapped the services of stockbroker Harold Shapiro as its external adviser on the controversial David Jones share trades. It led CBD to wonder, how does one become an external adviser on such a high-profile investigation?
Familiarity with ASIC chairman Greg Medcraft may help it seems.
Medcraft and Shapiro’s wife, Isabelle, would be on very familiar terms, having shared the halls of Sydney’s Woollahra Council.
Both have been councillors and worn the mayoral robes at various times since the late ’90s.
In fact, Medcraft was polishing his ”champion of the underdog” credentials as Woollahra’s mayor in 1997 when he was justifying a multimillion-dollar upgrade to the heritage building.
Despite the harbour views, he described conditions inside the building as ”Dickensian”.
”I don’t think people understand that our staff handle over 1000 telephone calls a day and in some areas are forced to share desks,” he said.
But it was his corporate, not council, skills that won him the job at ASIC, as Medcraft told Fairfax in 2011.
”I understand business, I understand markets – I’m really well equipped for this.”
Medcraft may have even been able to help Shapiro with a bit of DJs corporate history.
In a previous corporate life he helped put together the securitisation of the David Jones credit card portfolio.iSelect upstage
iSelect’s bad run of luck continued last week with British rival Comparethemarket南京夜网.au gatecrashing its results announcement with the news it had signed up Bupa as a client.
iSelect shares tanked about 10 per cent on the news and are barely keeping above the $1 mark. Great news for investors who coughed up $215 million at $1.85 a share in last year’s float.
Not that the competition was completely to blame.
As Credit Suisse analysts said, ”the problem with iSelect is that while the story still seems to stack up … earnings growth is not what we would have hoped”.
At least it deflected interest from some other interesting titbits in the accounts such as the payout to former chief executive Matt McCann. He left just months after the IPO following a disagreement with the board on strategy.
Notes to the iSelect accounts reveal the company paid $814,000 to dispense with his services, with $532,000 described as ”cash remuneration expense and on-cost” and $114,000 in ”share-based payments”.Turnbull hiccup
The Minister for Malcolm, Malcolm Turnbull, found himself in a bit of hot water following his speech on Friday launching Morry Schwartz’s print venture, The Saturday Paper.
The Communications Minister praised Schwartz’s contribution to Australia’s ”intellectual life” and spiced things up with the comment: ”You are not some demented plutocrat pouring more and more money into a loss-making venture that is just going to peddle your opinions.”
Hmmm, now who could he have been referring to?
After mulling things over for most of the weekend, maybe a few Coalition heavies reminded him which party he belonged to and Turnbull posted a blog clarifying his comments. ”Given that earlier in my speech I had referred to William Randolph Hearst (immortalised by Orson Welles in Citizen Kane) I was surprised that some people have inferred I was referring to Rupert Murdoch,” he blogged.
”Rupert Murdoch has been publishing newspapers, including today some of the world’s most influential such as The Wall Street Journal,The Times of London and The Australian, for more than 60 years. And they have been and remain profitable. Far from being a rich man, like Hearst and many others, who makes his money in some other area and then chooses to start a newspaper to promote his own political views, Rupert Murdoch started off as a newspaper man, the son of a newspaper man, and remains a newspaper man.”
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