Macquarie planners pass the Seinfeld ‘Penske File” test

Cartoon: Peter Nicholson

AS investors in Nicholas Moore’s Macquarie Group prepare for an operational briefing this morning, they could consider a recent example of the approach to disclosure that has given the millionaire factory the reputation it enjoys.

Last week, ASIC deputy chairman Peter Kell finally broke down and for the first time publicly uttered the magic phrase “Penske File” — the moniker used by financial planners at Macquarie Equities Limited to describe an answer sheet used to cheat on exams.

Asked to comment, Mac spinner Lisa Jamieson quoted Kell’s words: “There is no file, let me assure you, that has Penske File written on it in big red letters or anything like that.”

The unwary might conclude there was no such file. But in fact Kell continued on to say the file “was one part of a wider set of evidence of inadequate training, of manipulation of training, of even cheating on training and education”.

Rewardle bleeds

FORMER Fairfax Media and Playboy executive Jack Matthews is continuing to bring the skills that made him so popular on newsroom floors to bear at Rewardle, the digital rewards card outfit where he is chairman.

This month Rewardle has breathlessly told the market of no fewer than five new clients, the latest, announced just yesterday, being WA pharmacy chain SuperChem. But the bitter pill is that despite all these deals Rewardle continues to bleed cash faster than a Fairfax writedown. In fact, according to its last quarterly report, the faster it signs up merchants the more money it burns.

Among prescriptions to cures for this financial ill is an injection from the taxpayer. Rewardle hopes for “at least” $300,000 in cash from the ATO under the R&D tax incentive scheme.

Listing blues

NO matter how hard Astra Resources strains for the stars, it seems a listing on the Canadian Securities Exchange is — at least for the moment — out of reach of the troubled company (as reported in Margin Call on Friday). The company’s lawyer, Niren Raj, confirmed that it was trying for a listing on the CSE, even as it awaited the outcome of a Federal Court lawsuit in which ASIC accuses it of illegal fundraising.

But the CSE’s vice-president of listings, Mark Faulkner, told Margin Call Astra did not qualify for listing because it wasn’t a “reporting issuer” in Canada.

“Astra has filed a preliminary prospectus with the Ontario Securities Commission, and if the OSC issues a receipt for a final prospectus, then Astra will be a reporting issuer in Ontario and we could consider the company’s application for listing,” Faulkner said.

“Given the nature of the very public concerns about the company, I wouldn’t expect that to happen anytime soon.”

Especially as OSC records show that Astra withdrew its prospectus in December. Raj says listing agent Aspen Agency “is making an application pursuant to the rules”.

Shame on Chu

IT appears that the founder of Vietnamese tuckshop chain MissChu found The Weekend Australian’s story on her using company funds to buy $95,000 in jewellery a bit spicy.

Nahji Chu took to Twitter to take our reporter to task over the weekend and again yesterday.

The worst tweet read: “Are you a parasitic gossip columnist? Destroying people’s lives with made up gossip! How low! Shame on you!”

No, shame on Chu.

Yesterday, Chu first denied she had gone on a shopping spree with company money, and then admitted that she did indeed participate in the jaunt but claimed she was hoodwinked into it. She added she voluntarily returned the Rolex, Cartier rings and other jewels after the company was placed in administration.

Chu agreed with the claim the business had traded while insolvent and that staff weren’t correctly paid (“they were overpaid”), and claimed that she had been a victim of an elaborate scheme to put her business under. No doubt administrator Rahul Goyal of KordaMentha will investigate her claims with the seriousness they deserve.

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