Terrace old boy Doug Tynan’s stake in VGI Partners now worth more than $130 million

A young financier who used to work as a forklift driver at Rocklea markets is now sitting on shares worth more than $130 million after his investment firm listed on the ASX.

DOUG’S JACKPOT

FORMER Terrace boy Doug Tynan has come a long way since his days tooling around Rocklea markets as a part-time forklift driver.

Tynan’s shares in Sydney-based VGI Partners are now worth a whopping $133 million on paper based on Wednesday’s closing price of $12.45.

VGI, where Tynan has served as a director since 2008, has seen its shares more than double from an offer price of $5.50 since listing on the ASX last month.

Doug Tynan outside the Rocklea Markets where he used to be a forklift driver. (AAP Image/Steve Pohlner)

Tynan as an existing shareholder of VGI holds 10.7 million shares, with fellow directors Robert Luciano holding 40.9 million and (fellow Terrace old boy) Robert Poiner owning 1.8 million. Tynan, who after his fruit and vegetable days went on to a finance career with BDO Kendalls before joining VGI, is intensely private and customarily low-key about the value of his holding. However, property records show he still has a mortgage on his Sydney property where he resides with his young family.

CLASS OF ‘98

ON paper at least Tynan is likely the most wealthy graduate of the Terrace class of 1998. City Beat spies tell us that other notable graduates from that year include Wallaby Mark Chisholm, US-based actor Josh Lawson, Australian Idol star Bobby Flynn, Laura Geitz’s husband Mark Gilbride, Singapore hedge fund operator Ben Cleary and champion rower Steve “Footlong” Kuzma. Kuzma got his nickname because of his penchant for Subway sandwiches during his rowing and student days.

Former Blue Sky Investments boss Rob Shand.

Across the road at Grammar, Rob Shand, the former managing director of failed Blue Sky Alternative Investments, also graduated in 1998 but has had less luck with shares. Shand bailed out of Blue Sky after the firm’s share price tanked in the face of an attack from US-based short seller Glaucus. Blue Sky appointed administrators in May and was suspended from trading on the ASX. The diverging business careers of Tynan and Shand may well be an interesting case study for Grammar’s Student Entrepreneurs Club.

TATTS DEPARTURE

TATTERSALLS, aka the Queen St Workers’ Club, is farewelling its well-regarded chief executive David Bark who is leaving after a two year stint.

Bark, who had a long career in hotel management before joining Tatts in 2017, has seen some momentous changes at the club including the decision last year to admit female members.

Bark also had to step in to overturn the disastrous move to tamper with the pea and ham soup recipe in the member’s dining room that almost sparked a revolt amongst the chaps (and chapettes). Tatts president Stuart Fraser said the club acknowledged Bark’s contribution and that despite some health challenges, he continued to perform his role with distinction.

LET THERE BE LIGHT

CONGRATULATIONS to Eagle Farm-based furniture manufacturers Luxxbox which have picked up a swag of awards at Chicago’s NeoCon, the world’s leading trade show for the commercial design industry. Luxxbox, founded in 2006 by Jason Bird, now lists Google, Ford and Microsoft among its customers.

Jason Bird, founder of Luxxbox. Pic Mark Cranitch.

Bird says NeoCon, which attracts more than 51,000 visitors over three days, was a significant milestone for Luxxbox as it continued to expand into the North American market.

Luxxbox walked away with gongs for its range of pendant light shades that can be hung above desks or other work spaces to absorb noise in open plan offices.

Luxxbox is thriving in an increasingly competitive environment. Furniture manufacturing remains a $2.6 billion industry in Australia but cheap imports, slim profit margins and a lack of skilled workers are hurdles to growth.

RADIO CITY

THERE was a big turnout last night for the official opening of new digs for Southern Cross Austereo’s HIT105 and Triple M at Petrie Terrace. Comedian Dave Hughes and radio talent Danny Lakey, Ash London and Robin Bailey were among the hundreds of guests. SCA executives flown in for the occassion included chief executive Grant Blackley, chief sales officer Brian Gallagher and chief financial officer Nick Mckechnie.