13 Mayne Report yarns plus great offer
February 12, 2009
The latest weekly edition of The Mayne Report was sent to subscribers last night and included the following stories:
1. Stand by for huge tax rises and cuts to government spending
2. PMP chairman's timely share sale as company tanks
3. ComBank treats small shareholders with contempt - again
4. Big opportunity with Suncorp's open ended retail offer
5. The scandal of conflicted advisers scooping billions from underwriting
6. Rupert leads in the write-downs avalanche
7. Will The Wall Street Journal report Rupert's $4 billion Dow Jones write-down?
8. Boral fails to accept reality and where was the auditor?
9. Will Asciano's auditor stand firm?
10. ASIC still to open its jailing account in 2009
11. Stockland joins the biggest losers list
12. Ten more names on The Mayne Report Rich List
13. New list - tracking major capital raisings
Subscription price cut from $99 to $77
The better half, Paula Piccinini, is getting more involved in The Mayne Report these days and has ordered we cut the subscription price to $77.
This represents great value and will give you access to all our weekly editions and special updates after AGMs through until June 30, 2009.
As the newly appointed marketing manager, Paula would be really excited if you signed up.
So, if you're reading this without being a subscriber, why not commit to a free trial or take up our special $77 subscription offer. Alternatively, if you've had enough, click here to unsubscribe from this email list.
The one subscriber story we're giving away for free today is as follows:
Time for PMP chairman to follow CEO out the door
Faltering print company PMP produced a shocking half year loss yesterday which sent its shares plunging another 20% to a six-year low of just 31.5c.
And grumpy shareholders won't be at all pleased to know that chairman Graeme Reaney dumped 350,000 shares for $427,000 or an average $1.22 each as recently as last October. Check out his major disclosure statement.
Coincidentally, PMP announced a share buy back last August and purchased 310,000 shares for about $300,000 over the six months to December 31, 2008.
Whilst buybacks can temporarily help the share price, this wasn't such a smart move during a global crunch given PMP has now just recorded an $11.1 million interim loss and investors are a bit nervous about the company's $250 million in debt.
The balance sheet is also lacking in credibility. Auditor G Couttas from Deloitte agrees with Reaney's board that PMP has net assets worth $376 million, yet investors have today knocked its market capitalisation down to just $107 million.
Of course, none of these problems are caused by Reaney and he had no idea the storm was coming. That's why CEO Brian Evans was summarily flicked on January 28, just four months after he signed this new contract.
Given that CEOs and chairs of troubled companies tend to go in quick succession, it is clearly time Reaney departed after seven years in the chair. At 65, he's ripe for the pipe and slippers and just hasn't been up to the challenges caused by the global financial crisis. And as for those share sales. Hold your nose, folks.
Updated lists free on the site
Chronological list of write downs
Companies trading at big discounts to net assets
How chairs and CEOs of troubled companies tend to go together
Everyone ASIC has jailed since 1991
The $100m loss club by financial year
$100 million loss club - biggest to smallest
The Mayne Report Rich List
Radio and TV interviews
Check out this interview on ABC Newsradio about the News Corp loss last Friday.
This rigorous exchange with The Age's Michelle Grattan and The Australian's Lenore Taylor broadcast on Radio National last Friday was our most popular audio for some time with more than 600 downloads.
The Sky News Business journos chat show Business View is back on air this week so tune in from 2pm Friday or 9am Saturday if you get a chance as we're on the panel with Greg Peel and Janine Perrett.
That's all for now.
Do ya best, Stephen Mayne
If you're reading this without being a subscriber, why not sign up for a free trial or take up our special $77 subscription offer which lasts until June 30, 2009. Alternatively, if you've had enough, click here to unsubscribe from this email list.
1. Stand by for huge tax rises and cuts to government spending
2. PMP chairman's timely share sale as company tanks
3. ComBank treats small shareholders with contempt - again
4. Big opportunity with Suncorp's open ended retail offer
5. The scandal of conflicted advisers scooping billions from underwriting
6. Rupert leads in the write-downs avalanche
7. Will The Wall Street Journal report Rupert's $4 billion Dow Jones write-down?
8. Boral fails to accept reality and where was the auditor?
9. Will Asciano's auditor stand firm?
10. ASIC still to open its jailing account in 2009
11. Stockland joins the biggest losers list
12. Ten more names on The Mayne Report Rich List
13. New list - tracking major capital raisings
Subscription price cut from $99 to $77
The better half, Paula Piccinini, is getting more involved in The Mayne Report these days and has ordered we cut the subscription price to $77.
This represents great value and will give you access to all our weekly editions and special updates after AGMs through until June 30, 2009.
As the newly appointed marketing manager, Paula would be really excited if you signed up.
So, if you're reading this without being a subscriber, why not commit to a free trial or take up our special $77 subscription offer. Alternatively, if you've had enough, click here to unsubscribe from this email list.
The one subscriber story we're giving away for free today is as follows:
Time for PMP chairman to follow CEO out the door
Faltering print company PMP produced a shocking half year loss yesterday which sent its shares plunging another 20% to a six-year low of just 31.5c.
And grumpy shareholders won't be at all pleased to know that chairman Graeme Reaney dumped 350,000 shares for $427,000 or an average $1.22 each as recently as last October. Check out his major disclosure statement.
Coincidentally, PMP announced a share buy back last August and purchased 310,000 shares for about $300,000 over the six months to December 31, 2008.
Whilst buybacks can temporarily help the share price, this wasn't such a smart move during a global crunch given PMP has now just recorded an $11.1 million interim loss and investors are a bit nervous about the company's $250 million in debt.
The balance sheet is also lacking in credibility. Auditor G Couttas from Deloitte agrees with Reaney's board that PMP has net assets worth $376 million, yet investors have today knocked its market capitalisation down to just $107 million.
Of course, none of these problems are caused by Reaney and he had no idea the storm was coming. That's why CEO Brian Evans was summarily flicked on January 28, just four months after he signed this new contract.
Given that CEOs and chairs of troubled companies tend to go in quick succession, it is clearly time Reaney departed after seven years in the chair. At 65, he's ripe for the pipe and slippers and just hasn't been up to the challenges caused by the global financial crisis. And as for those share sales. Hold your nose, folks.
Updated lists free on the site
Chronological list of write downs
Companies trading at big discounts to net assets
How chairs and CEOs of troubled companies tend to go together
Everyone ASIC has jailed since 1991
The $100m loss club by financial year
$100 million loss club - biggest to smallest
The Mayne Report Rich List
Radio and TV interviews
Check out this interview on ABC Newsradio about the News Corp loss last Friday.
This rigorous exchange with The Age's Michelle Grattan and The Australian's Lenore Taylor broadcast on Radio National last Friday was our most popular audio for some time with more than 600 downloads.
The Sky News Business journos chat show Business View is back on air this week so tune in from 2pm Friday or 9am Saturday if you get a chance as we're on the panel with Greg Peel and Janine Perrett.
That's all for now.
Do ya best, Stephen Mayne
If you're reading this without being a subscriber, why not sign up for a free trial or take up our special $77 subscription offer which lasts until June 30, 2009. Alternatively, if you've had enough, click here to unsubscribe from this email list.