PWR boss Kees Weel offloads 4m shares, RFG slides again, and more Gold Coast business gossip

THE founder of listed motorsports powerhouse PWR Holdings has parted with $12.6 million worth of shares in his beloved company as part of a “personal family settlement”. This and more in this week’s Gold Coast business gossip

PWR boss Kees Weel. Picture: Mike Batterham

THE founder of motorsports manufacturing powerhouse PWR Holdings has parted with

$12.6 million worth of shares in his beloved company as part of a “personal family settlement”.

Kees Wheel offloaded four million shares at $3.15 a pop last week, a total value of $12.6 million, bringing his holding down from 38 per cent to 34 per cent.

At yesterday’s share price of $3.35, those same shares were worth $13.4 million.

Mr Wheel was unavailable for comment yesterday.

The beneficiary of the four per cent stake is unknown, but it is apparently a new shareholder as there was no substantial holding announcement made to the ASX — an action that would be triggered if the holder had five per cent or more of the shares on issue.

Whoever it is, they are set to benefit from the healthy 6.2c franked dividend when the company pays out next Friday. For four million shares, that’s a tidy $248,000.

In an announcement to the ASX yesterday, the company said the sale was no reflection of Mr Weel’s commitment to the company.

“The sale related to the settlement of a personal family matter,” the statement said.

“Kees continues to be fully committed to PWR and, indirectly through KPW Property Holdings Pty Ltd, remains as the major shareholder with a significant holding of 34 per cent (from 38 per cent) of total shares on issue.”

PWR motored to an $11 million net profit in the last financial year, up from $7.3 million the previous year.

The Ormeau outfit, which develops and builds cooling systems for Formula One and V8 race cars and military vehicles, announced it would pay shareholders a 6.2¢ final dividend for FY18, up from 4.2¢.

The group made revenue of $51.9 million, a 7.8 per cent increase on last year, according to the results released last month.

PWR builds parts for Nascar and other race vehicles.

SOUTHPORT franchisor Retail Food Group has again slipped down the rankings in a key sharemarket index, being cut from the S & P Dow Jones ASX300.

The struggling company, which reported a $307 million FY18 loss last week, will be removed from the list on September 24 as part of a quarterly rebalance.

RFG was cut from the ASX200 in the previous rebalance by Standard & Poor Dow Jones, which measures the performance of Australia’s biggest companies by market capitalisation.

The company’s market cap has slid from almost $900 million a year ago to $91 million this week.

Other movements in the benchmarks include the cutting of Greencross from the ASX200, after its share price fell 37 per cent in 2018.

The company, which has been expanding its integrated model of having veterinary clinics in its retail pet stores, has been dropped from the index of the top 200 companies on the Australian Securities Exchange along with Genworth Mortgage Insurance.

RFG shareholders have had plenty to chew on. Photo: iStock

DEVELOPER Jim Raptis has his benefactor’s hat on as he ponders the next venture in the comeback of the listed company he controls.

The Raptis Group, thanks to a sellout 57-unit venture at Springwood, made a profit in 2017-18 as it makes its latest escape from death’s door.

The $529,200 net undoubtedly was helped by Jim’s unquestionable generosity.

He curtailed the Raptis Group’s overheads by providing development and administrative staff at no cost, a situation which the group says will last until December 31.

The resilient developer also appears to have increased his interest-free lending to the company during the latest year — from $1.9897 million to $2.19 million.

The money all had been repaid by June 30.

Shareholders hoping for news of the group’s next venture will be pleased to know it’s a work in progress, with directors ‘conducting feasibility studies and working to secure a development site’.

What’s changed — back in February the group was ‘conducting due diligence into new development opportunities’.

Meanwhile, Jim’s group shouldn’t have any tax worries for some time — it’s carrying accumulated losses of $27.8 million.

Jim Raptis.

SEVEN-time world champion surfer Layne Beachley is set to give Gold Coast surfing enthusiasts the chance to test their mettle when she takes on some of the city’s leading businesses in the name of charity next month.

The call is out for Gold Coast businesses to take part in the Wyndham Destinations Corporate Surf Challenge, which raises money for the FSHD Global Research Foundation, a not-for-profit organisation improving quality of life for people with facioscapulohumeral muscular dystrophy, a muscle wasting disease.

The surf challenge will be held at Duranbah Beach on October 12 and will see up to 20 teams of four battle each other for supremacy, through heats in the morning then semi-finals and a final in the afternoon.

Wyndham boss Barry Robinson said the annual event was always popular.

“It is an innovative way for industry leaders to meet each other, inspire and engage their staff and support an important cause, all while having fun,” he said.

“Since this annual event began, it has raised more than $200,000 which has helped the FSHD

Global Research Foundation on its quest to treat and cure this difficult condition.”

As the brand ambassador for the company, Beachley will be part of a team featuring Mr Robinson and up-and-coming surfing star, Logan Steinwede.

Every member of the winning team will receive a custom-made surfboard, while a raffle and live auction will take place on the day.

Wyndham Destinations Asia Pacific Senior Vice President PR, Communications and Corporate Marketing, Ross Nicholas; seven-time world surfing champion Layne Beachley; Wyndham Vacation Clubs President and Managing Director, International Operations, Barry Robinson. Photo: Supplied