City Beat: Doug Tynan, John Kettle, Bentleys, Robbie Cooke

IT may not all be calm among the apples and artichokes at the Brisbane Markets despite Sydney-based VGI not extending its takeover offer.

VGI’s Doug Tynan Pictures: Jack Tran

VOLATILE MARKET

IT APPEARS to be business as usual among the apples and artichokes at the Brisbane Markets, with Sydney-based VGI last week deciding not to extend its takeover offer. But our spies tell us it is not all happy families at Rocklea. Firstly, VGI has signalled it will continue to be a thorn in the side of Brisbane Markets by remaining a minority shareholder. Secondly, the concerns about allegedly poor corporate governance at the markets have hit home, at least among some disgruntled traders. One of the major concerns is that Brisbane Markets is controlled by the former fruit and vegetable cooperative Brismark through four “industry shares”. VGI has claimed this is not a transparent way to do business. Brisbane Markets counters that this industry model protects the interests of traders and is a perfectly legitimate way to run the business. We hear such issues are likely to be aired at the annual general meetings of both Brismark and Brisbane Markets, scheduled for the second half of the year and there may be a move against the current executive team. Former Rocklea forklift driver Doug Tynan (pictured above), now a director of VGI, says: “The takeover bid has focused people’s minds on what’s broken and how to fix it.” Brisbane Markets chief executive Andrew Young declined to comment yesterday.

POMS AWAY

BRISBANE legal eagle John Kettle has been busy since last week’s Brexit referendum rocked global markets. Kettle, an Irish lawyer with

more than 20 years’ experience in European law, has been inundated with requests from English colleagues needing help in gaining Irish practising certificates. The reason is that once Britain exits the EU, UK certificates will be useless if a lawyer wants to practice law in Europe. Ireland will, of course, remain in the EU and therefore Irish practising certificates have suddenly become valuable currency. “This has suddenly become very real,” says Kettle, who now heads the international business of local law shop McCullough Robertson. “I have had to sign references for people who now want Irish practising certificates.”

LITTLE BRITAIN

STILL on Brexit, Kettle tells us the UK’s exit is certain to cause political chaos in Britain. He says it is almost a certainty that the Scots, who voted strongly in favour of remaining in the EU, will now successfully push for independence. Some ex-Poms now based in Brisbane have a slightly different view of Brexit. Former British Army officer Mark Chapman, who heads accountancy firm Bentleys, says there were concerns the UK could have been forced into a European Army if it stayed in the EU. “That would have been disastrous for the UK,” Chapman says, recalling that when he served during the first Gulf War, Belgium refused to supply ammunition because they disagreed with the invasion. Chapman also notes the market sell off after Brexit has been overplayed, arguing things will settle down when people realise countries such as Norway and Switzerland survive perfectly well in Europe without being EU members.

RIGHT BET

TATTS Group boss Robbie Cooke meanwhile is probably breathing a sigh of relief because he sold the Brisbane gaming company’s UK operations just in the nick of time. Yesterday, Tatts said slot machine operator Talarius had been offloaded to Novomatic for $210 million. Cooke told your diarist that the Brexit was not a factor in the sale but conceded the vote had come as something of a surprise. “Even the sports betting guys didn’t see it coming,” he quipped.