Unbelievable bouquets from Stokes at Seven in 2001
By Stephen Mayne
January 17, 2008
This was sent to Crikey subscribers as part of a wide-ranging edition at 2.30am on October 28, 2001.
As is usually the case, I've got a great story to tell out of the Seven Network AGM at Docklands on Friday but haven't had time to write it up yet.
Kerry Stokes was almost embarrassing in the praise he lavished on Crikey in front of the shareholders and media about "good independent questions". One journalist later asked: "Are you sleeping with him or something."
The really odd thing about the meeting was that Seven went out and raised $150 million in a placement on Friday night whilst Stokes was delivering the Andrew Olle lecture in Sydney but there was no mention of this at the AGM.
When I raised the issue of rising debt after the latest $75 million injection into Colonial, Kerry said it was a bit of a concern and they were reaching the upper limit but there was no mention of an imminent placement.
If Stokes is to maintain his 35 per cent holding, he'll need to find $52 million and that seemed to be the suggestion in the Saturday Fin Review. The Stokes debts to Westpac are already substantial but with the share price above $7 there should not be any lingering concern.
After the meeting Wheel of Fortune host John Dix took shareholders on a tour of the new $38 million broadcast facility at Docklands which will be operational by Tuesday.
We just happened to bump into Blue Heelers man John Woods, newsreaders Peter Mitchell and Jennifer Adams, Today Tonight host Naomi Robson and the head of Seven sport Jim Wilson who all popped out to address the shareholders.
Jim Wilson gave a footy coach like address to the shareholders singing the praises of Seven and bagging Nine and Ten for paying too much for the AFL rights and also for allowing Eddie McGuire to be Collingwood President and the anchor broadcaster.
With the ASX AGM starting in 8 hours (10.30 at 530 Collins St theatrette if anyone is passing by) and Crikey running for the board, I can't make any promises when the full account of the Seven meeting will be finished but it should make for interesting reading as there was plenty of action.
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