Craig Treasure’s $5m Villa World takeover payday, reason for surf lakes project delay and more Gold Coast business gossip
Paydays worth more than $290 million are headed the way of shareholders in freshly-sold Broadbeach developer Villa World — so who’s in line for some cash? This and more of the week’s Gold Coast business snippets
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TWO paydays worth more than $290 million are headed the way of shareholders in freshly-sold Broadbeach developer Villa World — so who’s in line for some cash?
The Gold Coast’s biggest listed developer is set to vanish from the ASX after shareholders approved a $2.345 per share takeover scheme by the Australian arm of US-based real estate funds manager Proprium.
Aside from the big investment funds that make up the bulk of the share register, there are some familiar names set for a bank account boost, including the company’s CEO and managing director Craig Treasure.
Mr Treasure looks set to receive about $5.39 million from the sale, including proceeds from 1.16 million performance rights that were brought forward in light of the takeover and paid out as ordinary shares at the $2.345 scheme price. He also held 1.14 million ordinary shares as at August 9.
Chairman Mark Jewell’s 107,127 shares would be worth $251,212 at the scheme price, while fellow board member David Rennick’s 54,155 holding is worth $126,993.
Director Lisa MacCallum did not hold any Villa World shares.
One former Villa World investor who grabbed his payday early was savvy investor, philanthropist and farmer Lyn Brazil.
Mr Brazil was an early investor in hotel website Wotif, which was eventually sold to Expedia for $700m.
ASX filings show his company Brazil Farming held 6.25 per cent of Villa World in October 2016, but ceased being a substantial holder in August this year, after the revised Avid takeover had the blessing of the board.
He sold 5 million shares on August 6 at $2.309 for a total of $11.55 million.
The company’s new owner Avid has ruled out major job cuts on the Gold Coast.
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SURF Lakes — the company behind the “revolutionary” 5 Waves man-made inland lake — have yet to find a site on the Gold Coast suitable for their surf park.
No wonder, really, considering the company requires 3.6ha for the lake and that’s not counting surrounding infrastructure.
It was due to start construction this year on the lake but that time frame has blown out because of difficulties finding a site.
“There is no definite time frame. Ideally within the next 24 months we’d like to see one on the Gold Coast,” spokesman Wayne Dart told BB.
“No licences have been sold with the exception of the Sunshine Coast. The other (prospective licensees) are waiting to view the site first at Yeppoon before making a decision.”
The full-scale testing site at Yeppoon contains a lake based around a “central machine’’ — similar to a giant plunger — pumping out five waves of various sizes, length and difficulty each time.
The machine can pump out waves every six seconds or 2400 per hour providing varying conditions for surfers of different abilities.
Mr Dart said ideally Surf Lakes will still build the lake on the Gold Coast.
“Given that our head office is based on the Gold Coast and it is a major surf destination, we’d like to keep that to own and operate ourselves.”
He said they have looked at a number of sites but a rumour that one at Merrimac had been found was incorrect.
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TALK about a team-building exercise.
New Mantra owner Accor has just put 300 employees, including 50 from the Gold Coast, through their paces in the gruelling four-day ‘Race to Survive’ challenge.
The event involved employees walking the Kokoda Track hike and the Raw Challenge, a 9km, 50-obstacle course, with both challenges held in the Gold Coast Hinterland.
Accor holds the event every two years to raise funds for the Accor Community Fund, which supports the Kokoda Youth Foundation, Garvan Institute of Medical Research, Lifeline, the Australian Childhood Foundation and AIME Mentoring.
The challenge ended yesterday, fittingly with races held at Surfers Paradise Beach,
Accor chief operating officer Simon McGrath said $600,000 had been raised so far this year for the fund with a target of $1 million.
“The principle of the fund is to build healthy families in Australia,” he said.
“The concept of the challenge is ‘bush to beach’. They do the Kokoda trial at the back of the Gold Coast and over three days they walk 30km a day and do certain events. They land up on the beach on the Gold Coast, which is the best part of Australia tourism.”
He said the idea is for each team, made up of four employees, to work together to complete the challenges.
He said 100 volunteers from Accor also took part, helping to organise the challenges.
Mr McGrath said he sees the event returning to the Gold Coast in two years time.
“Without committing to the future, it is a great spot to have it so a good reason for keeping it here.”
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CHRIS Moyer, after a two-year cancer battle, has reached a pinnacle in his real estate career, but he’s not bragging.
The Paradise Point agent has just been named No. 1 residential agent in Australia for The Professionals group.
Yes, he says he’s proud of that recognition but he’s more interested in talking about something he sees as far more important in his life.
That’s his son Lachlan James Moyer, who long-term partner Aimee brought into the world in August.
“Lachlan’s arrival is the best thing that ever happened to me, better than any award I could win,” says Chris.
“I’m very happy with life today.
“Over the past two years I’ve battled my way into remission from a one in a million blood cancer, Langerhans cell histiocytosis, with chemo and a few surgeries, including a bowel operation.
“I worked right through that time, even leaving hospital after a chemo session one day to sell a house for $3.1 million at auction.”
Chris, a 43-year-old Canadian who worked as a waiter when he arrived on the Gold Coast early in the new millennium, also continued to play ice-hockey while undergoing treatment.
In fact, he was part of the Brisbane Dragons team which won the division-one title this year.
Chris’s national gong from The Professionals group is the result of him writing in excess of $1 million in commissions in 2018-19.
All up he’s sold $550 million worth of property since 2003, some of it to billionaire Clive Palmer.
His biggest deal came several years ago with the $9 million sale of Sovereign Islands mansion Utopia.
Chris says he harbours thoughts of getting into politics one day ‘when the time is right’.
“My thoughts are that the local-body or state scene would be a good starting point.”
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THE fizz has gone out of a planned promotion between Gold Coast non-alcoholic beer brand Sobah and the upcoming tour by rock band Kiss (BB, 12/10).
Sobah last week outlined a partnership with the tour whereby buyers of Sobah beers, including Pepperberry IPA, would go into the draw to win one of six double passes to Kiss tour dates, which culminate in a performance in Brisbane on November 28.
However, just days later, Sobah founders Clinton and Lozen Schultz emailed clients saying the partnership was off.
“Sobah Beverages, and the promoter of the KISS End of the Road World Tour, Love Music Tours, have mutually cancelled the partnership with the Kiss tour,” the couple said without further explanation.
Sobah was founded by Gamilaroi man and psychologist Clinton Schultz in 2017 and aims to promote healthy lifestyle choices and wellness, social equity, sustainability and raise positive awareness of Aboriginal and Torres Straight Islander cultures.
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