Nufarm AGM, Howard Ministers, Dream Team boards and the Rich List
February 2, 2010
Dear Mayne Report subscribers and a few extras,
We're not planning to deluge you with daily editions of The Mayne Report, but today we've got these four things to tell you about:
1. This morning's Nufarm AGM in Melbourne should be a beauty given the proposed $3 billion Chinese government/private equity takeover.
2. We've crunched the numbers on the share price performance of all those former Howard Government Ministers on boards from yesterday's edition and the results aren't particularly good.
3. The AFR's Dream Team board has only produced two names in our top ten. Read the full edition for all the explanations and let me know what you think of it.
4. We've come up with another 10 Australians who are worth more than $20 million and will be joining our Rich List. Now there's only about 700 more names to uncover.
Do ya best, Stephen Mayne
* The Mayne Report is a multi-media governance website published by Stephen Mayne with occasional email editions. To unsubscribe from the emails click here.
We're not planning to deluge you with daily editions of The Mayne Report, but today we've got these four things to tell you about:
1. This morning's Nufarm AGM in Melbourne should be a beauty given the proposed $3 billion Chinese government/private equity takeover.
2. We've crunched the numbers on the share price performance of all those former Howard Government Ministers on boards from yesterday's edition and the results aren't particularly good.
3. The AFR's Dream Team board has only produced two names in our top ten. Read the full edition for all the explanations and let me know what you think of it.
4. We've come up with another 10 Australians who are worth more than $20 million and will be joining our Rich List. Now there's only about 700 more names to uncover.
Do ya best, Stephen Mayne
* The Mayne Report is a multi-media governance website published by Stephen Mayne with occasional email editions. To unsubscribe from the emails click here.
Standing up to China at the Nufarm AGM
The Nufarm AGM is on in Melbourne this morning and I'll be firing in plenty of questions about this $3 billion takeover by the Chinese Government and its private equity partners, Blackstone and Fox Paine.
Whilst it has all gone quiet for the past month since the deal was announced, there has been rising global concern about Chinese Government takeovers and a deal that creates the largest agricultural chemical company is something that should attract plenty of attention.
ChemChina wants to retain the existing Nufarm management but surely the Foreign Investment Review Board will have a close look at this deal. Without wanting to sound paranoid, China remains a totalitarian state and our American allies fear its aggressive increase in defence spending
My grandfather used to be chief engineer of the largest chemical plant in the British Empire, ICI's huge Teeside operation in the north of England, and during the second world war it was quickly converted to the war effort and Philip Mayne found himself running ammunition and explosives plants.
If there was a sudden blow up over Taiwan or the Korean peninsular, what would happen to Nufarm's Australian chemical operations if they were indeed controlled by the Chinese Government.
Finance Minister Lindsay Tanner recently told The Australian that he is right across the emerging issue of sovereign funds but this deal is arguably worse because it is a direct strategic investment by a state-owned company.
We'll let you know you things pan out at the old Duxton Hotel in Flinders Street from 10am. Chief executive Doug Nufarm will pocket about $500 million from the takeover and chairman Kerry Hoggard, also a former Nufarm CEO, stands to make plenty as well.
Whilst it has all gone quiet for the past month since the deal was announced, there has been rising global concern about Chinese Government takeovers and a deal that creates the largest agricultural chemical company is something that should attract plenty of attention.
ChemChina wants to retain the existing Nufarm management but surely the Foreign Investment Review Board will have a close look at this deal. Without wanting to sound paranoid, China remains a totalitarian state and our American allies fear its aggressive increase in defence spending
My grandfather used to be chief engineer of the largest chemical plant in the British Empire, ICI's huge Teeside operation in the north of England, and during the second world war it was quickly converted to the war effort and Philip Mayne found himself running ammunition and explosives plants.
If there was a sudden blow up over Taiwan or the Korean peninsular, what would happen to Nufarm's Australian chemical operations if they were indeed controlled by the Chinese Government.
Finance Minister Lindsay Tanner recently told The Australian that he is right across the emerging issue of sovereign funds but this deal is arguably worse because it is a direct strategic investment by a state-owned company.
We'll let you know you things pan out at the old Duxton Hotel in Flinders Street from 10am. Chief executive Doug Nufarm will pocket about $500 million from the takeover and chairman Kerry Hoggard, also a former Nufarm CEO, stands to make plenty as well.
Another 10 Rich Listers worth more than $20m
The quest to identify more than 1000 different Australians who are each worth more than $20 million will take much of the next year but we're determined to press on and here are today's 10 new entries to our list which is already pushing 300:
Nick Bain: the Allco Finance Group infrastructure chief owns 11.75 million shares which are worth about $70 million even after recent share price weakness.
Michael Chaney: the former CEO of Wesfarmers amassed a fortune in excess of $30 million front his long stint running the company. Now pocketing $1 million a year as chairman of NAB and Woodside Petroleum.
Jim Cooney: sold his wireless telecommunications business TCI to Service Stream for $45 million in 2006.
Trevor Eastwood: joined Wesfarmers in 1963 and rose to be managing director for eight years until 1992. Rejoined the board in 1994 and was chairman from 2002 until 2007, when he retired with 878,694 shares worth about $38 million.
James Graham: has been involved with Wesfarmers since 1976 and is a former managing director of its Gresham Partners investment bank. Still a director with Wesfarmers who owns 975,756 shares worth more than $40 million.
Charles Kiefel: the former ANZ Securities privatisation advocate made some very handy profits getting in early on the private equity bandwagon.
Rob Moran: the Allco Finance Group co-head of corporate finance owns 3.43 million shares which are worth more than $20 million even after recent share price weakness.
Jim Murray: the Allco Finance Group debt markets chief owns 4.3 million shares which are worth almost $30 million even after recent share price weakness.
David Swannell: appears in the Allco Finance Group top 20 with 3.64 million shares worth more than $20 million.
Mark Worrall: the Allco Finance Group rail financing boss owns 4.17 million shares which are worth almost $30 million even after recent share price weakness.
* Check out the full list here and why not email through some additional names to Stephen@maynereport.com.
Nick Bain: the Allco Finance Group infrastructure chief owns 11.75 million shares which are worth about $70 million even after recent share price weakness.
Michael Chaney: the former CEO of Wesfarmers amassed a fortune in excess of $30 million front his long stint running the company. Now pocketing $1 million a year as chairman of NAB and Woodside Petroleum.
Jim Cooney: sold his wireless telecommunications business TCI to Service Stream for $45 million in 2006.
Trevor Eastwood: joined Wesfarmers in 1963 and rose to be managing director for eight years until 1992. Rejoined the board in 1994 and was chairman from 2002 until 2007, when he retired with 878,694 shares worth about $38 million.
James Graham: has been involved with Wesfarmers since 1976 and is a former managing director of its Gresham Partners investment bank. Still a director with Wesfarmers who owns 975,756 shares worth more than $40 million.
Charles Kiefel: the former ANZ Securities privatisation advocate made some very handy profits getting in early on the private equity bandwagon.
Rob Moran: the Allco Finance Group co-head of corporate finance owns 3.43 million shares which are worth more than $20 million even after recent share price weakness.
Jim Murray: the Allco Finance Group debt markets chief owns 4.3 million shares which are worth almost $30 million even after recent share price weakness.
David Swannell: appears in the Allco Finance Group top 20 with 3.64 million shares worth more than $20 million.
Mark Worrall: the Allco Finance Group rail financing boss owns 4.17 million shares which are worth almost $30 million even after recent share price weakness.
* Check out the full list here and why not email through some additional names to Stephen@maynereport.com.