O’Brien retires to his Woolies day job

Peter Nicholson

Woolies boss Grant O’Brien began his “retirement” yesterday by turning up to work.

He’s got 13 long months to go before he can dip into the struggling supermarket giant’s generous defined benefits super scheme.

Woolies remains tight-lipped about how much he can expect to trouser in July 2016 when he turns 55, but plan documents shed some light on just how lucrative it could be.

Under one plan for managers and staff, retirees get a multiple of “final average salary” — the average of their best three years out of the past 10 — plus a bonus of 16.7 per cent of that figure for every year served since 2006.

That would imply a bonus of just over $3.5 million.

While this plan doesn’t limit the multiple, other Woolies schemes cap it to six times, which would be an additional $12.66m for a grand total of $16.16m — a long way north of the $10m figure those close to the ailing retailer prefer.

In return, GOB has given up his performance bonuses, which, as Woolies isn’t performing, wouldn’t be worth much.

No hurdles to worry about for chair Ralph Waters either, who last year got $720,000, a rise of 32 per cent.

Metro derailed

You’ve gotta feel sorry for Moelis real estate boss Julian “Bilbo” Biggins, who on Wednesday seemed the last to know his $170m Metro Property float had tanked.

At lunchtime speculation was buzzing that his deal was doomed, but just after 4pm Biggins told us everything was OK. By dinner, the deal was dead.

Nervous investors had already forced the Metro offer to be shrunk, dashing hopes that execs Luke Hartman, David Devine and Ken Woodley’s could offload some of their stake.

Andrew Pridham’s Moelis was in charge of rustling up insto cash, while Morgans was tapping instos and retail clients, but talk is investors got cold feet after seeing Metro’s aggressive accounting policies.

Its 2014 accounts show a loss of $8m, double the previous year, and a note that it might not be a going concern.

In the end there were barely enough punters to cover the asking price, raising fears the stock would be just like the last resi builder Moelis and Morgans floated, Simonds.

Boxing fans will know Simonds from its sponsorship of November’s Anthony Mundine fight, put on by Melbourne underworld figure Mick Gatto. Investors, in contrast, will remember Simonds for the fact its shares never lifted above their $1.78 offer price.

Playing the ball

What a toss-up — Canberra’s mid-winter ball or State of Origin at the G? Such was the dilemma for movers and shakers on Wednesday night.

Tucked inside the warmth of The Great Hall in Canberra’s Parliament House, Australia’s working media put down their swords to rub shoulders with the political and business elite, including Westpac boss Brian Hartzer, RBA director Heather Ridout and Telstra chief Andrew Penn.

Media execs were everywhere. There from Seven were boss Tim Worner, commercial director Bruce McWilliam and former pollie Warwick Smith. Others included News chief Julian Clarke, Foxtel boss Richard Freudenstein, newspaper man Greg Hywood and SBS chief Michael Ebeid.

Battle of stadiums

Further south in chilly Melbourne, the powerful huddled safely in the Premier’s Room at the MCG hosted by NRL boss Dave Smith.

The body language between NSW Liberal Premier Mike Baird and his southern Labor counterpart Daniel Andrews turned to frost when Dan sledged Mike by encouraging him to drink in the sight of a sellout crowd, unflatteringly contrasting the G to ANZ Stadium.

Also there was Baird’s Sports Minister Stuart Ayres, who next week will finally end Sydney’s stadium wars in the NSW budget. Speculation is that Baird will buy out the ANZ stadium lease for $150m and establish a super trust taking in ANZ, Parramatta Stadium and ACT Trust (which includes Allianz).

A crew from News included Melbourne-based Peter Blunden, Sydney-based Brett Clegg and Fox Sports boss Patrick Delany. Credit Suisse banker John Knox, who is advising the NRL on its broadcast deal, was taking it all in. Anyone would have thought there was a rights deal brewing.

No sign of anyone from Nine.

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