Reformation of John Hartman at Australian Industrial Power complete with $30m federal grant
The rise and rise of reformed insider trader John Hartman continues unabated, with the key lieutenant to West Australian billionaire Andrew Forrest now playing his part in Twiggy’s latest handout from the federal government.
Energy Minister Angus Taylor this week flicked Australia’s richest man a $30m grant to kick along Forrest’s privately owned Australian Industrial Power’s Port Kembla energy hub project, which includes initially a gas-fired power station that will later convert to green hydrogen.
Hartman, who was the youngest convicted insider trader and spent 15 months in Silverwater jail after pleading guilty to activities over 2007 and 2008, is now one of only two directors of Forrest’s AIP, which is controlled by Forrest’s private investment company Tattarang, of which Hartman is also a director as of mid-last year.
It’s corporate history now how Twiggy gave Hartman a second chance after he left prison, with the former broker moving to the west coast and getting on with life while his co-conspirator Oliver Curtis (husband of star publicist Roxy Jacenko) fought similar charges brought against him.
While Curtis was found guilty and also went to jail, Hartman climbed the ranks of the Forrest empire to now find himself a key exec of the vehicle being handed millions by the Feds.
What a reputational recovery.
Twiggy’s team is now progressing towards a final investment decision for the project, which is also being considered by the government for its Underwriting New Generation Investments program.
The terms of the UNGI agreement would mean the project – which AIP is stressing will ultimately be a green hydrogen plant – would be funded by a combination of equity from AIP and bank debt, underwritten by the commonwealth – just what Australia’s richest man clearly needs.
But it’s not smooth sailing from here, with Taylor making the new grant a disallowable instrument. That means political parties could overturn it in parliament if they can gather the numbers.
This newspaper’s The List last valued Forrest’s wealth at almost $30bn, well before a further $2.35bn dividend payout just last week.
A $30m handout? Just what he needs.
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Ayres and graces
Any wonder Stuart Ayres couldn’t wipe the smile off his face on Tuesday as he took to the podium as NSW’s new deputy Liberal leader to new Premier Dominic Perrottet.
What a week it’s been for the Member for Penrith, who is one half the political power couple that also comprises Foreign Minister and NSW senator Marise Payne, with his beloved Panthers on Sunday taking out the NRL grand final.
Only days later Perrottet and Ayres overwhelmingly won the ballot against Member for Pittwater Rob Stokes (nursing a running injury as he limped into the parliament) to lead the state out of the Covid-19 pandemic.
With Payne quarantining following her trip to the US with Prime Minister Scott Morrison and Defence Minister Peter Dutton, Ayres’ unchecked fashion sense opted for his Panthers face mask as he flanked his new boss Perrottet at their swearing-in ceremony at NSW Government House.
Ayres and his partner share a passion for the punt and sport more generally, which he combined with his public duties as minister for sport for a time. The two are fixtures at race meetings and sporting events across the country.
Racing in particular has long been an interest for both. They currently own one filly that is racing, four-year-old Dunara, trained by Kris Lees and which has won almost $20,000 in prize money so far. At last disclosure the couple also had what Payne described as an “unnamed foal”.
The power couple have recently finished construction of a home in Mulgoa. They paid $1.1m for the land in 2016, with Ayres on Tuesday paying tribute to Payne for “being a rock”, as well as “a stabilising and guiding force for me”.
Ayres’ constituents will be hoping their rep’s elevation and passion for all things Penrith will mean the final green light for the $200m Panthers stadium knockdown and redevelopment now that he has the ear of power. The plans are in and money previously earmarked for the Stadium Australia refurbishment, so all that’s left is the government go-ahead.
We shall see.
Just a bit happy!
— Stuart Ayres (@stuartayresmp) October 3, 2021
GO THE MIGHTY PANTHERS!!!
🖤â¤ï¸ðŸ’›ðŸ’š#pantherpride#NRLGFpic.twitter.com/e3TKdckLMX
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Blackmores battle
While political succession plans progress without a hitch, matters of leadership are proving to be a fresh battleground for the folk at vitamin maker Blackmores.
In the past week, namesake and major shareholder Marcus Blackmore has been vocal on his nomination of former Pharmacy Guild presidentGeorge Tambassis to the board of the group, contrary to the recommendation of chairman Anne Templeton-Jones.
With both sides taking to the press to plead their case, it’ll be a showdown come October 27, and if the past week is any guide there will be no shortage of campaigning in the interim.
So far, Blackmore has drafted in the company’s biggest customer, Chemist Warehouse, but the rest of his board colleagues will have a harder task ahead when it comes to picking a side.
Just five months into her directorship, and on the eve of the first shareholder vote for her re-election, Sharon Warburton finds herself in a delicate situation.
In the latest example of just how small the local pool of directors is, Warburton is also on Michael Chaney’s board at Wesfarmers, currently the preferred bidder in the takeover battle for Priceline owner Australia Pharmaceutical Industries.
On that target’s board is none other than the so-called maverick Tambassis.
The pharmacist in June was elevated to the role at API, though if Wesfarmers gets its way it could be a short-lived posting albeit a difficult one for Warburton to navigate.
Meanwhile, shareholders and proxy advisers have raised concerns of another director up for re-election, Wendy Stops, for her director role at Coles, which happens to sell slabs of cigarettes through its stores. Lots of Blackmores products also go through the grocery chain, for what it’s worth.
All up, it will make for quite the mix of candidates at the upcoming meeting. Next thing you know they’ll be breaking out the corflute.
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