What a week
April 11, 2008
Dear Mayne Reporters,
Opes Prime, Lift Capital, the smashing of the pokies duopoly in Victoria, a new video and a stack of radio today.
It's all happening folks and we've also got some interesting stuff on WA News, Macquarie, naughty proxy advisers, an email from Chris Murphy, our latest traffic figures, more Rich Listers and the $1000 we made this week out of two share plays.
Click through for the full edition and do ya best, Stephen Mayne
Opes Prime, Lift Capital, the smashing of the pokies duopoly in Victoria, a new video and a stack of radio today.
It's all happening folks and we've also got some interesting stuff on WA News, Macquarie, naughty proxy advisers, an email from Chris Murphy, our latest traffic figures, more Rich Listers and the $1000 we made this week out of two share plays.
Click through for the full edition and do ya best, Stephen Mayne
The battle for WAN goes down to the wire
Kerry Stokes is facing a difficult struggle to land his two board seats on WA News after Risk Metrics joined CGI-Glass Lewis in recommending institutions reject Seven and back the incumbents.
Frankly, I'm disappointed in these two US-controlled proxy advisory firms, which have a duopoly over the Australian market when it comes to telling local investors how to vote.
Eric Beecher won the journalistic achievement award at last year's Walkleys and has made two important contributions to the debate about Australian journalism and democracy in recent days.
Dean Paatsch, Sandy Easterbrook, Martin Lawrence, Geof Stapleton, Pru Bennett, Ron Lee and anyone else at Risk Metrics and CGI-Glass Lewis involved in this decision should read Eric Beecher's articles yesterday and today to comprehend how important journalism is to a newspaper company and a functioning democracy.
The debate about board control at WA News is not just about financial performance and I am absolutely staggered that neither of these groups have recommended a vote in favour of Steve Harris when he is clearly the best credentialled person in Australia to help clean up the mess that is The West Australian after four years of Paul Armstrong as editor.
I'll be contacting the various institutions directly in coming days urging them to ignore these highly paid proxy advisers. The likes of Barclays, which is the biggest WAN institutional shareholder, manages plenty of cash for Australian industry funds which, through their union and Labor Party connections, would know only too well how disgracefully biased The West has become.
Incidentally, Barclays were one of the 10 largest shareholders in Bear Stearns so they're not having much of a run lately either.
I had my interview last night with Korn Ferry, the recruiter hired by Seven to recommend two of the nine outside candidates. It was a confidential discussion with Robert Webster, Nick Greiner's old planning minister, and it will be interesting to see which way he jumps when the names are released on Monday.
Finally, there is now talk of a compromise potentially being in the wind. WAN chairman Peter Mansell has been put through the wringer and already has a ridiculous workload. His resignation as part of some sort of deal should not come as a surprise.
Seven deserves board representation but the argument being put is that it shouldn't be Stokes himself, but rather a non-executive director of Seven. The Seven NEDs are former McDonalds Australia CEO Peter Ritchie, Professor Murray Wells and Dulcie Boling, who only landed that Seven gig as a representative of News Corp way back when Seven floated in 1993.
Frankly, I'm disappointed in these two US-controlled proxy advisory firms, which have a duopoly over the Australian market when it comes to telling local investors how to vote.
Eric Beecher won the journalistic achievement award at last year's Walkleys and has made two important contributions to the debate about Australian journalism and democracy in recent days.
Dean Paatsch, Sandy Easterbrook, Martin Lawrence, Geof Stapleton, Pru Bennett, Ron Lee and anyone else at Risk Metrics and CGI-Glass Lewis involved in this decision should read Eric Beecher's articles yesterday and today to comprehend how important journalism is to a newspaper company and a functioning democracy.
The debate about board control at WA News is not just about financial performance and I am absolutely staggered that neither of these groups have recommended a vote in favour of Steve Harris when he is clearly the best credentialled person in Australia to help clean up the mess that is The West Australian after four years of Paul Armstrong as editor.
I'll be contacting the various institutions directly in coming days urging them to ignore these highly paid proxy advisers. The likes of Barclays, which is the biggest WAN institutional shareholder, manages plenty of cash for Australian industry funds which, through their union and Labor Party connections, would know only too well how disgracefully biased The West has become.
Incidentally, Barclays were one of the 10 largest shareholders in Bear Stearns so they're not having much of a run lately either.
I had my interview last night with Korn Ferry, the recruiter hired by Seven to recommend two of the nine outside candidates. It was a confidential discussion with Robert Webster, Nick Greiner's old planning minister, and it will be interesting to see which way he jumps when the names are released on Monday.
Finally, there is now talk of a compromise potentially being in the wind. WAN chairman Peter Mansell has been put through the wringer and already has a ridiculous workload. His resignation as part of some sort of deal should not come as a surprise.
Seven deserves board representation but the argument being put is that it shouldn't be Stokes himself, but rather a non-executive director of Seven. The Seven NEDs are former McDonalds Australia CEO Peter Ritchie, Professor Murray Wells and Dulcie Boling, who only landed that Seven gig as a representative of News Corp way back when Seven floated in 1993.
An email from Chris Murphy
Colourful Sydney criminal lawyer Chris Murphy hasn't been enjoying my Crikey coverage on Opes Prime (see yesterday, Wednesday, Tuesday, April 3 and April 2).
The following email from Murphy arrived in the Crikey bunker yesterday with his defamation lawyer Mark O'Brien copied in:
From: Chris Murphy
Sent: Thursday, 10 April 2008 4:06 PM
To: Boss@crikey.com.au
Cc: mark o'brien
Subject: DEFAMATION BY STEPHEN MAYNE AND CRIKEY
Dear Sir,
It might be time that you considered the credibility of your journalist Stephen Mayne as it reflects upon your credibility. Only recently and coinciding with my decision to cancel my subscription you withdrew defamatory remarks.
In recent days the defamatory remarks have resumed including a complete fabrication as to my financial situation and the suggestion that I had said things that simply is not true, this on top of provocative linking of my young family's safety to a Melbourne crime figure.
It's not hard to understand Mr Mayne's malice. His boasting that he has not been sued for defamation with success overlooks that I in fact sued him over his shocking defamation that I ‘get guilty drug dealers off ‘ for a living. The terms were not to be disclosed but rest assured it involved a very substantial payout from News Limited.
I used to subscribe to your publication. I am now in the position of considering it an instrument of malice for a journalist severely punished for his misconduct in the past.
There was a time that news needed verification. No one spoke to me. I don't speak to the Daily Telegraph. They have written about my unwillingness to help. Now their boy is using them as a source for stories against me.
What is going on? Will these malicious attacks continue?
Christopher Murphy
STEPHEN MAYNE RESPONSE
I'm amazed Chris Murphy has time to conjure up such an odd conspiracy as he continues to grace the front pages, such as in this splash in The Australian today.
For the record, Murphy never sued me and I hold no malice to him whatsoever. We even had breakfast together with journalist Sandra Lee back in 2000 where he gloated about his share trading fortune, including from backing the Packer family in the predecessor vehicles to Challenger. Eight years on, this was a play that 1200 Opes clients now wish had been closed out a tad earlier.
Murphy did sue Nationwide News over a harmless gossip item way back in 1998 which was suggested by Tele reporter Lachlan Johnston and appeared under my name. We simply compared the two Chris Murphys – one who used to manage INXS and the other, a good criminal lawyer who “gets drug dealers off” – the word “guilty” did not appear.
I still think it was high praise for a criminal lawyer. His writ was widely regarded as just being part of Murphy's long-standing feud with The Daily Telegraph going all the way back to the Winfield rugby league wars. He was regarded as a bit player in Sydney's various Packer vs Murdoch battles.
I've no idea if Murphy's claims of a big settlement are true and had nothing to do with the case. News might have given him some nuisance money to go away, but no apology ever appeared.
As for this gloating about not being sued, this is just ridiculous. I was personally sued three times and the settlements and legals cost $100,000 including our house.
I can only conclude that the stress of Opes is clouding Murphy's memory. Surely, he's got bigger fish to fry right now then this attempt to stop a commentator expressing opinions about one of Australia's most dramatic financial collapses.
The following email from Murphy arrived in the Crikey bunker yesterday with his defamation lawyer Mark O'Brien copied in:
From: Chris Murphy
Sent: Thursday, 10 April 2008 4:06 PM
To: Boss@crikey.com.au
Cc: mark o'brien
Subject: DEFAMATION BY STEPHEN MAYNE AND CRIKEY
Dear Sir,
It might be time that you considered the credibility of your journalist Stephen Mayne as it reflects upon your credibility. Only recently and coinciding with my decision to cancel my subscription you withdrew defamatory remarks.
In recent days the defamatory remarks have resumed including a complete fabrication as to my financial situation and the suggestion that I had said things that simply is not true, this on top of provocative linking of my young family's safety to a Melbourne crime figure.
It's not hard to understand Mr Mayne's malice. His boasting that he has not been sued for defamation with success overlooks that I in fact sued him over his shocking defamation that I ‘get guilty drug dealers off ‘ for a living. The terms were not to be disclosed but rest assured it involved a very substantial payout from News Limited.
I used to subscribe to your publication. I am now in the position of considering it an instrument of malice for a journalist severely punished for his misconduct in the past.
There was a time that news needed verification. No one spoke to me. I don't speak to the Daily Telegraph. They have written about my unwillingness to help. Now their boy is using them as a source for stories against me.
What is going on? Will these malicious attacks continue?
Christopher Murphy
STEPHEN MAYNE RESPONSE
I'm amazed Chris Murphy has time to conjure up such an odd conspiracy as he continues to grace the front pages, such as in this splash in The Australian today.
For the record, Murphy never sued me and I hold no malice to him whatsoever. We even had breakfast together with journalist Sandra Lee back in 2000 where he gloated about his share trading fortune, including from backing the Packer family in the predecessor vehicles to Challenger. Eight years on, this was a play that 1200 Opes clients now wish had been closed out a tad earlier.
Murphy did sue Nationwide News over a harmless gossip item way back in 1998 which was suggested by Tele reporter Lachlan Johnston and appeared under my name. We simply compared the two Chris Murphys – one who used to manage INXS and the other, a good criminal lawyer who “gets drug dealers off” – the word “guilty” did not appear.
I still think it was high praise for a criminal lawyer. His writ was widely regarded as just being part of Murphy's long-standing feud with The Daily Telegraph going all the way back to the Winfield rugby league wars. He was regarded as a bit player in Sydney's various Packer vs Murdoch battles.
I've no idea if Murphy's claims of a big settlement are true and had nothing to do with the case. News might have given him some nuisance money to go away, but no apology ever appeared.
As for this gloating about not being sued, this is just ridiculous. I was personally sued three times and the settlements and legals cost $100,000 including our house.
I can only conclude that the stress of Opes is clouding Murphy's memory. Surely, he's got bigger fish to fry right now then this attempt to stop a commentator expressing opinions about one of Australia's most dramatic financial collapses.
Macquarie hits back at Risk Metrics
The investor relations people at Macquarie Group are quick to respond. The last edition went out at 11.58pm on Tuesday night and the following email arrived from at 7.31am:
Stephen,
In response to your coverage in the Mayne Report of the RiskMetrics report, please see the attached.
Also I note that the piece includes a link back to your March 24 criticism of MIG's Independent Directors but ignores the fact that MIG Chairman Mark Johnson took the time to respond, which you published in full (and which you acknowledged made some useful points). Surely it would be balanced to have included that response as one of the reference documents if you were going to link back to it again. I would appreciate it if you would amend the entry and make that link available to your readers.
Regards,
Paul Gregory
Senior Manager, Public Affairs
Macquarie Capital Funds
Paul is right. My original piece getting stuck into MIG is available here and the response from chairman Mark Johnson is available here.
The full Risk Metrics report is available here, although you have to register. It is worth the effort.
Stephen,
In response to your coverage in the Mayne Report of the RiskMetrics report, please see the attached.
Also I note that the piece includes a link back to your March 24 criticism of MIG's Independent Directors but ignores the fact that MIG Chairman Mark Johnson took the time to respond, which you published in full (and which you acknowledged made some useful points). Surely it would be balanced to have included that response as one of the reference documents if you were going to link back to it again. I would appreciate it if you would amend the entry and make that link available to your readers.
Regards,
Paul Gregory
Senior Manager, Public Affairs
Macquarie Capital Funds
Paul is right. My original piece getting stuck into MIG is available here and the response from chairman Mark Johnson is available here.
The full Risk Metrics report is available here, although you have to register. It is worth the effort.
A good week for share purchase plans
Amid all the carnage on the markets, it has been a good work for share purchase plans. Nufarm offered a chance to buy $5000 worth of shares at $15.10 and I tipped 400 out at $16.65, making a gross gain of $496.
The Wayne Goss-chaired Ausenco offered small investors $5000 worth of shares at $12.30 and I got out of 400 this afternoon at $13.55, a gross gain of $500.
The latest video on the Mayne Report reveals that I'm losing almost $50,000 on the residual portfolio of 650 stocks worth about $185,000, so a couple of small wins from SPPs is well overdue.
The Wayne Goss-chaired Ausenco offered small investors $5000 worth of shares at $12.30 and I got out of 400 this afternoon at $13.55, a gross gain of $500.
The latest video on the Mayne Report reveals that I'm losing almost $50,000 on the residual portfolio of 650 stocks worth about $185,000, so a couple of small wins from SPPs is well overdue.
10 new Rich Listers
BRW enjoy a monopoly over the concept of an Australian Rich List, but we're gaining fast with another 10 entries to our own version as we strive to name 1000 australians worth more than $10 million.
Armanasco family: former owners of farmland in Pakenham Victoria, now known as Worthington estate, was acquired 4 years ago by Central Equity and recently on-sold for $24 million.
Michael Brogan: he is a senior executive of the FirstRand Group and chairman RMB Private Equity.
Greg Coffey: his income is in the stratosphere. With earnings of $US600 million in 2007, he managed to earn a 50 per cent return on investment for the $5 billion hedge fund he controls for London based GLG partners. Beginning his career at the Macquarie Group after leaving university, he left Macquarie to rise to the top of his game and become Australia's youngest billionaire.
Nick Dimauro: owner of the Angaet Group he recently purchased Parabanks shopping centre for $87.5 million to add to the stable of other commercial properties across Australia.
Derek and Christine Elwin: a 1.15% share owner of Ausenco with a share wealth of more than $14 million.
Neil Gamble: is a director of Engin Limited Australia's leading VOIP provider and he is Chairman of Ryarc Media Limited a leading supplier of digital signage software.
Gregory Rosshandler: built Finewrap to sales of $170 million and sold in 2006.
Chris and Graham Shaw: Substantial owners of Direct Group - specialising in direct marketing and runs television channels, including TVSN and EXPO on pay-tv.
Bob Thorpe: director of Ausenco with 3.5 million shares worth almost $50 million.
Hank Tuten: director of Ausenco with 3.55 million shares worth almost $50 million.
Check out all the Mayne Report business lists here. Anyone who emails through 5 corrections or additions to stephen@maynereport.com will get a free three month subscription worth $125.
Michael Brogan: he is a senior executive of the FirstRand Group and chairman RMB Private Equity.
Greg Coffey: his income is in the stratosphere. With earnings of $US600 million in 2007, he managed to earn a 50 per cent return on investment for the $5 billion hedge fund he controls for London based GLG partners. Beginning his career at the Macquarie Group after leaving university, he left Macquarie to rise to the top of his game and become Australia's youngest billionaire.
Nick Dimauro: owner of the Angaet Group he recently purchased Parabanks shopping centre for $87.5 million to add to the stable of other commercial properties across Australia.
Derek and Christine Elwin: a 1.15% share owner of Ausenco with a share wealth of more than $14 million.
Neil Gamble: is a director of Engin Limited Australia's leading VOIP provider and he is Chairman of Ryarc Media Limited a leading supplier of digital signage software.
Gregory Rosshandler: built Finewrap to sales of $170 million and sold in 2006.
Chris and Graham Shaw: Substantial owners of Direct Group - specialising in direct marketing and runs television channels, including TVSN and EXPO on pay-tv.
Bob Thorpe: director of Ausenco with 3.5 million shares worth almost $50 million.
Hank Tuten: director of Ausenco with 3.55 million shares worth almost $50 million.
Check out all the Mayne Report business lists here. Anyone who emails through 5 corrections or additions to stephen@maynereport.com will get a free three month subscription worth $125.
An indepth update on our web traffic
The Mayne Report has steadily grown since inception in September 2007. There are two main directories that make up the main body of The Mayne Report - a words section and a video section. Below are the figures and graphical representations of the growth that we have have experienced.
*Unique Visits or UV, are the most accurate statistics that give a true reflection of the popularity of the website.
WORDS SECTION STATS
September 2007 | 3,811 UV
This article was the most popular for the month Murdoch Campaign with 500 views for the month.
October 2007 | 3,477 UV
Again the top article for this month was the Murdoch Campaign with 397 views, but this article Top Stories was just as popular with 357 views.
November 2007 | 7,587 UV
With traffic beginning to grow as we swing into action, the two most popular articles for the month were Woolies tells pokies porkies with 540 views and Campaign Costello with 642.
December 2007 | 11,704 UV
The most popular articles this month were Sydney visit, HFA, Schubert, Rich List, Kwoff.com and more with 1006 unique visits and with the beginning of The Mayne Report Rich List, it was the second most popular article for the month with 882 visits.
January 2008 | 17,190 UV
As our activity grows so does our unique visits to read about what we are up to. The most popular articles this month were The 187 stocks we've bought in 2008 with 2,483 unique visits. This could be attributed to the downturn in the stock market and people on the search for any information about the market. Secondly was an article about the brewing troubles with ABC Learning Is trouble brewing for ABC Learning? with 550 visits and again the The Mayne Report Rich List remains a well visited article with 527 visits.
February 2008 | 22,952 UV
As words spreads about the Mayne Report, our number of unique visits continues to grow. Three articles broke the 1000 visit mark. Number 1 was The documents behind Rupert's pay-TV piracy battle with 1960 visits. Secondly, What I've been up to lately with 1597 visits is a kind of news feed of recent activities which became instantly popular. Next was the 50 foreign-owned major resource projects with 1141 unique visits.
March 2008 | 21,340 UV
As The Mayne Report Rich List grows toward the goal of 1000 names, so does its popularity with the most visits this month with 1993. Coming in second was our news feed page What I've been up to lately which had 1886 views.
VIDEO SECTION STATS
Since January 2008 we were able to receive statistics on the video section of the Mayne Report. Unique visitors are on the rise and they spend an average of 2mins 45 secs per page. The unique visitor numbers are as follows:
During the Month of January, 2008:
Geographical Summary
Our visitors are mainly divided between Australia and the US. Interestingly, along the way there have been spikes of interest from places like India, Japan, China, Netherlands, Switzerland and the UK at different times.
Geographical breakdown of visitors
The following are popular videos from January:
The following are popular videos from February:
The following are popular videos from March:
WORDS SECTION STATS
September 2007 | 3,811 UV
This article was the most popular for the month Murdoch Campaign with 500 views for the month.
October 2007 | 3,477 UV
Again the top article for this month was the Murdoch Campaign with 397 views, but this article Top Stories was just as popular with 357 views.
November 2007 | 7,587 UV
With traffic beginning to grow as we swing into action, the two most popular articles for the month were Woolies tells pokies porkies with 540 views and Campaign Costello with 642.
December 2007 | 11,704 UV
The most popular articles this month were Sydney visit, HFA, Schubert, Rich List, Kwoff.com and more with 1006 unique visits and with the beginning of The Mayne Report Rich List, it was the second most popular article for the month with 882 visits.
January 2008 | 17,190 UV
As our activity grows so does our unique visits to read about what we are up to. The most popular articles this month were The 187 stocks we've bought in 2008 with 2,483 unique visits. This could be attributed to the downturn in the stock market and people on the search for any information about the market. Secondly was an article about the brewing troubles with ABC Learning Is trouble brewing for ABC Learning? with 550 visits and again the The Mayne Report Rich List remains a well visited article with 527 visits.
February 2008 | 22,952 UV
As words spreads about the Mayne Report, our number of unique visits continues to grow. Three articles broke the 1000 visit mark. Number 1 was The documents behind Rupert's pay-TV piracy battle with 1960 visits. Secondly, What I've been up to lately with 1597 visits is a kind of news feed of recent activities which became instantly popular. Next was the 50 foreign-owned major resource projects with 1141 unique visits.
March 2008 | 21,340 UV
As The Mayne Report Rich List grows toward the goal of 1000 names, so does its popularity with the most visits this month with 1993. Coming in second was our news feed page What I've been up to lately which had 1886 views.
VIDEO SECTION STATS
Since January 2008 we were able to receive statistics on the video section of the Mayne Report. Unique visitors are on the rise and they spend an average of 2mins 45 secs per page. The unique visitor numbers are as follows:
During the Month of January, 2008:
- A total of 4,459 distinct visits were made to the site.
- A total of 5,195 distinct visits were made to the site.
- A total of 5,283 distinct visits were made to the site.
Geographical Summary
Our visitors are mainly divided between Australia and the US. Interestingly, along the way there have been spikes of interest from places like India, Japan, China, Netherlands, Switzerland and the UK at different times.
Geographical breakdown of visitors
The following are popular videos from January:
The following are popular videos from February:
The following are popular videos from March: