Still horsing around at Inglis sales

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Giddy up! The thoroughbred auctioneers Inglis are set to go ahead with their Easter yearling sale amid the COVID-19 isolation.

There will be limited pre-auction inspections at the William Inglis Riverside complex at Warwick Farm ahead of the two-day event.

As an outside venue, some 500 may gather, but around 300 will be strappers rather than the nervous buyers who will be encouraged to bid online or by phone, Inglis general manager of bloodstock sales S ebastian Hutch advises.

“We recognise the fact that this is an ever-evolving set of circumstances, but we are confident that the sale can proceed as a live auction in a controlled environment,” he said.

There’s set to be enhanced biosecurity measures too for the 514 horses for sale.

John Messara’s Arrowfield have the most on offer with around 60 lots.

It’s a bit early to say who this year’s top lot will be. But the top sale last year was a $2.8m Snitzel-Ichihara colt from George Altomonte’s Corumbene stud, bought by James Harron. The horse, Mount Fuji, has disappointed so far on its only run in January for its owner syndicate, which includes John Magnier and Michael Tabor.

Last year saw $120m in sales, with Tony Fung’s Aquis among the biggest buyers.

Shemozzle for Shemara

Haven’t things changed in Macquarie chief executive Shemara Wikramanayake’s world since she gave the keynote address to the annual dinner of the Melbourne Foundation for Business and Economics on the evening of March 5.

Back then Macquarie shares were trading at over $137 and Wikramanayake had the city’s corporate elite hanging off her every word.

Fast forward to Thursday afternoon and the shares were below the $80 mark, a high-profile victim of the coronavirus storm that has crippled global sharemarkets.

What worries Macquarie watchers most is the disruption in global credit markets, which could have big ramifications for the bank’s debt.

But there are also questions being asked about what exactly is on the bank’s balance sheet as it goes into the most tumultuous period in its history since the GFC.

There is a whisper that the odd brand spanking new cruise ship or two may have made its way on to Macquarie’s books since Wikramanayake took over from long-serving boss Nicholas Moore last year.

But what is for certain is that Macquarie has a 75 per cent stake in Macquarie AirFinance (MAF), which provides aircraft and capital to the world’s airlines, plus advisory and asset management services to aircraft owners. We don’t need to say any more about the outlook for that business right now.

Also spare a thought for investors in its New York-listed Macquarie Infrastructure Corporation, whose net debt was worth 97 per cent of its market capitalisation at one point this week.

Its shares have fallen from over $US45 a month ago and reached a low of $US12.50 on Wednesday. While they rose 36 per cent on Thursday to $US19.20, 44 per cent of MIC’s revenues come from providing jet fuel, terminal and hangaring services to general aviation in America.

Another 46 per cent comes from its International-Matex Tank Terminals (IMTT) business, which stores and handles bulk petroleum, chemical and agricultural products, the most important of which is oil.

MIC’s CEO Christopher Frost got on the front foot this week, telling investors that market conditions had been “supportive of the storage and handling of petroleum products”, but was far more circumspect about the outlook for the aviation business.

“While the impact of COVID-19 on general aviation flight activity in the future is unclear, including as a result of government and corporate travel restrictions and the cancellation of sporting and other events, Atlantic has performed well during the period and remains focused on serving the needs of the general aviation community and operating safely and efficiently,” Frost said.

After MIC announced a strategic review of is assets late last year, Frost also didn’t mince words when he added that MIC management “remained committed to maximising value for shareholders and believes that a sale of the company or one or more of its operating businesses may be the best path to achieving that objective”.

Another nest egg

We’ve gone to the chooks. It’s not quite the complete exit from the rat race, like Tom and Barbara Good from the 1970s BBC television series The Good Life, but the desire to become self-sufficient has soared in recent days.

Especially in the capital cities where the supermarket shelves have been emptied of essentials for days on end.

No longer appealing mostly to the tokenistic inner-city trend, the City Chicks business in Sydney sold out of all its available 120 hybrid chooks. All have gone to live in the backyards of worried families who want “eggs on legs”, which is the City Chicks catchphrase.

Its Brisbane outlet also sold out yesterday. They now have a waiting list for the hybrid breed that cost $30. There’s the pricier heritage breed costing up to $90, plus the necessary outlay on a coop. The concept began 11 years ago with entrepreneur Ingrid Dimock in Brisbane. By 2013 the business was hatching around 500 chicks a week for urban backyards.

Based at Samford Valley, she’s just had her busiest week ever, along with John Huntington in Sydney’s outlet at Marsden Park.

“It has been insane,” Dimock advised, just days after thinking she’d have to lay off staff during the coronavirus outbreak.

“Caring about chooks, their health and happiness, is very important to us,” their website indicates.

Dimock has also helped thousands of families get back to basics in other lines, supplying them with native beehives to cheese-making and mushroom-growing kits.

Her mantra is “be happy and content with your lot, no matter what your income”.

Their biggest fan, 2GB radio broadcaster Deborah Knight, has been keen to get a chook in her Leichhardt backyard, but not quite made the step.

Her fervour was evident last year when she was on air co-hosting the Channel 9 Today Show with Tom Steinfort. Their feathered friend flapped its wings until Knight had to let go, collapsing in a fit of laughter. Steinfort managed to calm the chook down.

Symond selling

The legendary mortgage broker John Symond has offloaded another investment property, securing around $7m for a shop in Double Bay. The Alexander Tzannes-designed retail property sold on a 2.9 per cent net yield. It was bought on a 5 percent gross yield last time.

It took about a year to secure the sale of the boutique shopfront, leased in 2017 to Maree Conley’s homewares outlet Conley & Co at $132,500 per annum.

Symond bought the Transvaal Ave premises in 2014 for $4.8m from the former Trent Nathan chief Shane Barr who had leased the spacious upstairs abode to the fashionista Trent Nathan.

Symond has now sold three Sydney investments, pocketing $19.5m over the past two years while keeping his $100m Point Piper home.

Getaway on the menu

The east coast restaurateur Chris Lucas has sold his Great Ocean Road getaway, since the family has little time to get down to the coastal Victorian town.

The Chin Chin owner, who has had the Lorne property since 2007 when he paid $3.65m, had been seeking buyers since January.

Lucas was seeking $5.5m to $6m for the pyramidal designed home, designed by legendary architect Guilford Bell in 1973 with a pagoda-like main hub.

The home was built for the Brighton-based master builder Bill Seccull and his wife Elaine who turned to Bell twice, having seen images of Bell’s pavilion for James Fairfax at Retford Park, Bowral.

Great Ocean Road Real Estate Lorne agent Ian Stewart had the listing for Lucas who started working life as a dishwasher at the legendary local, Kosta’s.