All hands on deck as salty rivals trade jibes

THE war between incumbent exchange ASX and challenger Chi-X has turned into a naval battle on Sydney Harbour.

ASX boss Elmer Funke Kupper last week sledged Chi-X, which has been in Australia for three years, for helping out controversial high frequency traders — a claim Chi-X boss John Fildes said was “absolute bullshit”.

Margin Call can reveal the verbal stoush followed an October 24 showdown on the high seas, or at least the waters off Middle Harbour Yacht Club, during the annual ASX Reuters Charity Foundation yacht regatta, where the Chi-X crew turned up dressed as pirates.

“We provide them with the sponsor shirt on the day and if they don’t choose to wear it they don’t have to,” event co-ordinator Barbara Colvin told Margin Call.

About 560 guests competed on 54 boats, each piloted by a crew of actual sailors.

“We know we have raised over $170,000 on the day,” Colvin said. The money goes to 25 charities. A video of the on-water operation should be up on the foundation’s website tomorrow.

Medicinal tipple

AFTER a few over-exciting years at aged-care provider Japara Healthcare — including a stoush with former chief executive officer Arnan Rouse and a brush with insolvency — the group is now listed and looking to grow its revenues.

Where else to turn but selling booze to patients at its homes, shareholders were told at the company’s AGM yesterday.

And inmates aren’t just restricted to the cooking sherry. According to a couple of long-time nurses at the company, residents can sip anything from top-end red wine to a relaxing gin and tonic.

Apparently this isn’t the only benefit to staying at a Japara home. Girlfriends and boyfriends of residents are also allowed overnight visits. Perhaps that explains the need for grog.

Directors seek a tip

IT’S time for fresh talent behind the wheel at taxi payments processor Cabcharge, according to the Australian Shareholders Association. Since company founder and taxi industry hardman Reg Kermode died in May, Cabcharge has split up his chairman and chief executive roles and actually instituted a remuneration policy.

But directors have now put their hands out for more dough, asking shareholders to approve a $500,000 increase in fees at the annual meeting on November 26.

Investor discontent has already claimed the scalp of audit committee chairman Ian Armstrong, who resigned on Monday after 14 years on the board.

Shareholders are still angry, not least because one of the new “independent” directors who is seeking the nod at the meeting, Rod Gilmour, consulted for Cabcharge until April.

The ASA is calling for a spill of the board, despite the likely disruption to the company. Cabcharge is up for its fourth strike against its remuneration report in as many years, and under the two-strike rule if the report is voted down a spill meeting will be called.

However, it’s considered unlikely that institutional investors will support the ASA’s move — even though they too don’t like the board structure. Instead, they’re lobbying behind the scenes for fresh blood.

Shareholder activist Stephen Mayne is also running for the board, but it looks like the instos don’t want him to drive the cab.

Logo misses mark

NEWS yesterday that biotech Phosphagenics has a new logo had Margin Call in a lather. With former boss Esra Ogru to face sentencing tomorrow for ripping the company off, the possibilities seemed endless — a test tube behind bars, perhaps?

Sadly not. Instead, it’s a grey-blue splotch that is supposed to represent the company’s “emphasis on partnership”.

Feathers fly after buy

DON’T investors in Rewardle, the electronic customer coupon business chaired by former Fairfax Media executive Jack Matthews, like chicken? The company yesterday announced a riveting hook-up with chain Red Lea Chicken. The share price plunged 7.7 per cent.