Christopher Pyne jumps the gun on Tattarang deal; Fireworks at Leanne Catelan’s Excelsior?
Well, Christopher Pyne looks to be signing up clients faster than Lloyd Braun can sell a computer with an unplugged phone (ding!)
Earlier this month we reported that Pyne and Partners had been contracted by an outpost of the Taiwanese government in Australia – and then weeks later by an obscure Chinese cultural outfit bearing all the hallmarks of the CCP’s United Front Work Department.
Or maybe we’re just jumping at shadows? Apparently the client (A&C Cultural Group) simply enjoys holding film festivals every year. Yes, and those two Russians travelled to Salisbury just to see the cathedrals.
But that aside, an even more recent engagement for Pyne involves billionaires Andrew and Nicola Forrest, according to the federal lobbyist register. It says Pyne and Partners has been recruited by the Forrests’ private investment vehicle, Tattarang, as of April 19.
Just one problem with that: the deal hasn’t been signed yet! Seems like Pyne’s people have been a little eager to put in the paperwork and ring the bell on their client, not unlike Braun’s enthusiasm to chalk up a sale.
But no, the registration of Tattarang and its stable of companies isn’t quite so pathological. We’re hearing Pyne’s work will proceed, starting with some greasing of government relations for Squadron Energy, the Forrests’ renewable energy concern being run by CEO Rob Wheals, formerly of APA Group. And it sounds like Pyne will be the go-to external for anything out of Tattarang, including its ownership of RM Williams, Camilla and Akubra Hats to the Australian Agricultural Company (now with clear air from its inconveniences of the past) and Bega Cheese.
A spokesman for Tattarang declined to comment on the appointment of Pyne as a lobbyist, but Pyne confirmed his newest client to Margin Call.
“Squadron is Australia’s leading renewable energy company,” he said. “We are delighted to be assisting them in growing renewables in Australia.”
Ding! Ding! Ding!
Golden opportunities
The annual Gold Dinner is upon us, meaning another round of silent auctions and record-breaking philanthropy in support of the Sydney Children’s Hospital Foundation. Last year’s event led to a startling $19m being raised in a single evening, helped along with a $5m cheque that was cut by Ginia Rinehart on behalf of her mother, Gina.
Scheduled for Wednesday, the bidding’s already begun for travel packages, superyacht cruises, a David Bromley piece, and even a few exotic numbers (an Invisalign dental aesthetic package, anyone? It’s only starting at $7000).
How about two weeks of work experience at brokerage firm Shaw and Partners? That’s the Gold Dinner’s presenting partner. Minimum bids start from $10,000, but the winner also gets a one-on-one dinner with co-CEO Earl Evans. No doubt the item is intended to be a gift for someone’s kid, per the instructions (“must be aged 16-24 years old”), proving once again that money really does buy access in this town!
Foundation director Josh Penn’s already laid down $4000 for three nights in a junior suite at The Lana hotel in Dubai, plus a $5000 bid for a private dinner with Chris Hemsworth’s personal chef Sergio Perera. Meanwhile Jacky Yencken’s put $7000 on a trip to Hamilton Island.
Another bidder we noted is Chris Tynan, senior managing director at Blackstone, which owns Crown Resorts. Tynan sits on the board of Crown and has placed $4000 on a two-night stay at his own Sydney casino establishment (with complimentary valet parking included). Also included is dinner at Nobu to the value of $1000, or about enough to grab a bento box and a glass of wine.
Excelsior fireworks
We’re expecting fireworks from pissed-off shareholders at Monday’s EGM for listed cash-box Excelsior, run by Leanne Catelan, daughter of RP Data founder Ray Catelan.
Investors are voting to voluntarily wind up the company and appoint a liquidator, mainly in protest at the board’s decision not to pay out a tasty dividend from all the dosh they’re sitting on.
The crisis within the firm goes a little deeper than that, too, with investors crying foul over Excelsior for years.
Its prospectus targets haven’t been met and shareholders have had their money sitting in the company for years without receiving any more than nickel and dime distributions.
The only bright spot was the sale of its electrical cables business, CMI, which investors had wanted to sell and urged the board to consider – and when it finally sold in November for about $100m they waited with cupped hands for a dividend and received … 3.5c for their patience. So, yeah, you bet they’re pissed.
And so not only will there be a vote for liquidation and a voluntary wind-up but the company’s second-largest shareholder, Peter Murray, who owns 12 per cent of Excelsior via his twice-listed Imperial Pacific and London City Equities, has also filed to sue on the eve of the meeting.
LCE has lodged a Federal Court application to wind up Excelsior, telling the market on Wednesday that its directors would turn up to vote on Monday for the liquidation, and regardless of the outcome they’ll still pursue the legal fight they’ve started.
A separate note issued to shareholders makes Murray’s frustrations clear enough, namely Catelan’s 51 per cent shareholding in the business and role as executive director. Murray said that, since 2016, Excelsior has seen “questionable investment performances”, and “quite high turnover of directors” without input from minority shareholders.
Rytenskild eyes his old Tabcorp job
First Adam Rytenskild was dumped as Tabcorp CEO, now he’s won a Fair Work Commission case against it, so could he be plotting a return to the position since filled by Gillon McLachlan?
MinRes in game of cat and mouse
The Legal Practice Board of Western Australia is looking into MinRes and its lawyers’ conduct, which is interesting timing as its company secretary has just been made legal counsel to the board.