Chris Morris sells Computershare shares to support pubs, tourism empire
Computershare founder Chris Morris has sold nearly $11m worth of shares in the company to shore up his hospitality portfolio.
Computershare founder Chris Morris has sold nearly $11m worth of shares in his software and services company to shore up his privately owned hospitality portfolio, which includes pubs, a casino, resort island and a north Queensland-based helicopter fleet.
Mr Morris, who reduced his ownership of Computershare shares by one million to just over 31 million shares yesterday, said “the whole lot is my personal money and everyone is doing it” in a bid to keep their companies afloat.
Like other operators, he has been forced during the coronavirus pandemic to close his properties, including his pubs, stretching from Western Australia to Queensland, and his casino in Townsville, which he bought for $70m in 2014 and has since expanded.
“I have been prudent, you just don’t know how long this is going to go on for,” Mr Morris told The Australian on Wednesday night.
“It’s the sensible thing to do. I don’t normally like selling shares.
“I wanted to make a buffer so I can go for the next six months,” he said, adding that even though his casino, which employs 300 staff, is temporarily shut, there were ongoing costs.
“I have an obligation. I want to maintain the business … and I want to do the right thing by my suppliers and landlords.
“They understand and everyone is being fair.”
Mr Morris said some of his landlords, whether private individuals or large companies, had agreed to take a 50 per cent rent cut. “Everyone is being pretty sensible and going halves,” he said.
Mr Morris said he wanted his hospitality portfolio, which includes the upmarket Orpheus Island Lodge in far north Queensland, to be open for business immediately once the federal and state government-mandated travel bans were lifted.
Mr Morris said he employed 1200-1300 staff and, while he has been forced to stand down some staff, other employees were taking annual leave.
He was also making use of the government’s JobKeeper payment scheme as well as his own to keep his company afloat during the virus. Apart from his casino, his pubs and resort also incur ongoing costs during their temporary closure.
The Morris Group has also invested heavily in agricultural enterprises in four states, including a cattle station near Cairns and a large farm on Victoria’s Mornington Peninsula, plus various technology businesses offshore, particularly in Britain.
Mr Morris’s helicopter charter operation, Nautilus Aviation, has grown from just one chopper to 25, with bases in Cairns, Townsville, Darwin, Weipa, Horn Island and Mount Isa. He recently expanded it, purchasing Experience Co’s helicopter fleet.
His Australian mainland accommodation properties include Daintree Ecolodge, Daintree Village Hotel, Mount Mulligan Lodge and Orpheus Lodge.
He believed Computershare was one of few companies that would not be affected by the coronavirus.
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