Rob Sitch-linked Aware Water Group's $117m water rights sale revealed
A quarter-stake in a trust has linked comedian Rob Sitch to a $117.6 million water trade, but he insists he won't benefit.
A company linked to filmmaker and comedian Rob Sitch has sold $117.6m of water entitlements to the federal government, which will be used to boost the Murray Darling Basin’s environmental flows.
The government’s Austender website shows the Aware Water Group sold 19 parcels of water entitlements to the Commonwealth, under contracts that came into effect on October 1 and were first made public last week.
Australian Securities and Investments Commission records shows Mr Sitch is linked to the Aware Water Group, through a chain of holding companies.
Mr Sitch holds five of the 20 shares on issue in Taverners (Aust) Pty Ltd, which in turn owns all 9.4 million shares on issue in Taverners Holdings, which owns all shares in Taverners No.7.
It is Taverners No. 7 which ultimately holds 500 of the 1000 shares on issue in Aware Water Holdings - which owns all shares in the Aware Water Group.
AWG has been accumulating irrigation entitlements on its licenses since it was formed in mid-2015, when the price of Murray River high reliability entitlement was about $3700 a megalitre.
Since then the price of Murray entitlement has more than doubled, with the Commonwealth paying $8000 to $8600 per megalitre to secure water against its Bridging the gap recovery target of 2.075 million megalitres, plus another 450GL/y of “upwater” to satisfy South Australian demands for additional water.
Mr Sitch has previously been asked about his investment in Taverners Holdings, which he said had assets held under a deed, which was overseen by Taverners (Aust) as the trustee of that deed.
He said Taverners’ (Aust) actions were made in accordance with the deed and as a trustee it had no investments nor is it the beneficiary of any.
“It acts (as) a fiduciary to a set of family companies and I’m an independent director. In this role I also have no investments.”
When asked last week why he held shares in Taverners (Aust) if he gained no dividends, returns or any other financial benefits or distribution, Mr Sitch stated: “I’m not a beneficiary nor will I be in the future”.
Taverners Group has previously stated the ultimate beneficial owner and beneficiary of Taverners Holdings (Aust) Pty is Australian investor and businessman Peter Scanlon.
AWG general manager Lewis Campbell did not respond to calls and texts seeking comment.
Irrigators running on empty
