Executive Summary: December 07, 2009
By Scott Rochfort | smh.com.au | 07 December
Noble Mineral Resources has appointed a chairman with possibly the longest name for any director of an ASX-listed company.
On Friday, the company announced Tunku Naquiyuddin would become its chairman on January 7. But Noble was using an abbreviated version of its incoming chair's full name, which is Yang Amat Mulia Tunku Laxamana Tunku Dato' Seri Utama Naquiyuddin Tuanku Jaafar.
Noble's anointed chairman is the eldest son of the former King of Malaysia Tuanku Jaafar Ibni Almarhum Tuanku Abdul Rahman.
Tunku Naquiyuddin has been the chairman of the Perth-based Global Gold Holdings since 2007, of which he is also a shareholder.
He is also the chairman of Malaysia's Kian Joo Can Factory. Tunku Naquiyuddin was overlooked for the job as the Yang di-Pertuan Besar of Negeri Sembilan (ruler of Malaysia's Negeri Sembilan province) in late 2008 after his father died.
Instead Tunku Naquiyuddin's cousin Duli Yang Maha Mulia Tuanku Muhriz ibni Almarhum Tuanku Munawir scored the job. When Tunku Naquiyuddin missed the top royal position, the Malaysian media reported on several embarrassing incidents. The Malaysian Insider website noted how his chances might have been dented by one member of the ruling family losing a nasty court battle related to a $US1 million ($1.09 million) debt with Standard Chartered Bank. Another embarrassing incident involved the grand nephew of the former ruler being involved in a nightclub brawl.
HEAVY GOING
First the judges revolted against mega-litigation. Now lawyers are revolting against mega-judgments. In a note to clients about the million-word One.Tel decision, the law firm Mallesons pulls no punches.
"Justice Austin's decision is over 3000 pages long," says Mallesons solicitor Will Heath. "It surpasses the length of the trial judgments in the recent Bell Group and C7 mega-litigation. The overwhelming length of these decisions poses significant challenges for Australian courts in communicating their message to the community as it seems an unreasonable burden to expect anyone to read the decisions."
Meanwhile, spotted having a lone cigarette in the Channel Seven car park in Pyrmont on Friday following the week's court loss: the Seven executive chairman, Kerry Stokes.
ABOUT FACE
A few weeks can be a long time in business. Note the change in tune from the chairman of Lend Lease Primelife, Andrew Love.
Love appeared upbeat when he penned the group's annual report.
"The economic stimulus has reignited market dynamics in the near term after a period of decline," said his introduction to the report which was dispatched in late September.
"Despite the uncertainty, the underlying demand for the products and services offered by the group has remained steady with encouraging improvement in retirement village sales ..." it goes on.
But then the manager of the old people's home fund, Lend Lease, lobbed a bid a few days later.
"If the proposal is not approved, there will be no distributions during the 2010 financial year," warned Love, urging shareholders to accept the buy-out offer.
Apart from also highlighting the group's shaky banking facilities, Love adds: "In our view the proposal represents a compelling alternative when considered against uncertainty and risks associated with the potential of a highly dilutive equity raising and the sale of assets in a weak market and in circumstances where the sales would need to occur under a tight timetable."
Lend Lease Primelife security-holders will vote on the proposed scheme of arrangement before the group's annual meeting next week. Given Lend Lease already owns 43 per cent of the fund and needs a 50 per cent yes vote, the proposed takeover of the fund, formerly known as Babcock & Brown Communities, looks like a done deal.
LITTLE BEAUTY
The Perth company that pulled out of plans to buy the originally named internet company Zoogle and adopt the name earlier this year, has again changed direction. Hailian International Limited (HLI) on Friday was completing preparations to resume trading on the ASX (after a long suspension) as the country's only listed beauty and spa consultant.
HLI has agreed to pay $3.3 million in scrip to the Hong Kong-owned business which is yet to open its own spa or beauty salon. The business on its website says its focus is "to assist owner operators, hotels and other facility owners with product, managing markets, operating services, and solutions which will enhance their core beauty spa related businesses".
Zoogle went into liquidation after the planned acquisition by HLI fell through. Its liquidators blamed "poor management of accounts receivable" for Zoogle's demise. HLI on Friday released its annual accounts showing its assets were $5935 and losses were $30.8 million.
SPY HUNT
The chairman of the embattled Redcape Property Fund, Colin "Superman" Henson, has launched a witchhunt to flush out the CBD informant at the Killara Golf Club who exposed his clubhouse nickname to the outside world.
The nickname has provided a clue to why the Henson-chaired Redcape changed its name from Hedley Leisure & Gaming this week.
"I don't know who at Killara Golf Club was the spy but of the 2000 current and former members, it is a safe bet it is one of you," thundered Henson in a memo to his fellow club members last week.
But a day after refusing to say why he was nicknamed Superman in his squash playing days, the Redcape chairman provided a vital clue. "He [the informant] should know that I gave up wearing budgie-smugglers years ago," he said.
First published by Smh.com.au on December 07 2009
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