Nick Moore. Illustration: John Shakespeare
Macquarie Bank’s silver fox chief Nick Moore seems to have got his Easter eggs early, being delivered a solid price of $1.85 for the float of waste giant Bingo Industries.
Maccas had a range of $1.75 to $2.10 for Bingo, it turns out that while some investors saw the IPO as trash, others – at the right price – believe the company’s stock may turn out to be treasure.
Some fundies have grumbled that it is seen as a private equity float, of sorts, as the founding Tartrak Family, led by Tony Tartrak, is the seller and if successful, will pocket a handy $452 million.
Bingo is the word for it.
Once bedded down, the IPO will be one of the biggest so far this year at a time when a few have seemingly bitten the dust – pub baron Bruce Dixon‘s Dixon Hospitality and the $2 billion Alinta float.
Sport of kings
It was an emotional last sale for the Inglis family at their Randwick Newmarket stables before they pack up the horse floats and move out west to new digs at Warwick Farm. As the autumn racing championships wrap up on Saturday at Randwick Racecourse, the Inglis family will also bid farewell to its horsy home of 150 years.
But the sales ring has not disappointed over the past week’s Australian Easter yearling sales, where horse flesh was actively traded. Topping the Inglis sales was a Redoute’s Choice colt for $2.5 million, which was bought on behalf on Sheikh Mohammed bin Khalifa Al Maktoum from Arrowfield Stud’s chairman John Messara, founder of J. M. Messara & Co., Stockbrokers.
Others interested in the sport of kings spotted at the sales yard were Aussie John Symond’s thoroughbred partner, Alan Bell, who was busy when he picked up two horses for a cool $2 million mate. To end the era at the stables, Jamie Inglis conducted the last auction on Wednesday afternoon, also his first time with the gavel for at least 20 years.
While we’re on the subject of sport, it has caught CBD’s eye that the fair game of rugby union has had its issues of late. Poor Australian Rugby Union boss Cameron Clyne is copping it from all sides as he weighs whether to toss either Melbourne’s Rebels or Perth’s Force from the Super Rugby competition. Alan Jones gave him both barrels on Wednesday (“Why don’t you all resign?” roared Jones) and there’s talk of lawsuits.
It’s almost enough to have the former NAB chief executive pining for the relative comfort of the banking sector where a dressing down from parliamentarians is as bad as it gets – after all, at least they tend to be smaller than rugby players. Still even at NAB they can’t escape a bit of rugby-related roughing up.
Former NRL star turned All Black turned boxer turned NRL star turned Super Rugby player Sonny Bill Williams has caused a stir after covering up the Bank of New Zealand logo on the jumper of his new club the Auckland Blues. It has been widely reported that he did so in line with his Muslim faith. BNZ, which is owned by NAB, confirmed to CBD it was unperturbed by the move.
The ploy is allowed under a clause in the player contract that says players can lodge conscientious objections to play in tops featuring logos of sin industries such as tobacco, alcohol, gambling and, yes it seems, banking.
PIF turns 20
When former Mirvac chief executive Greg Paramor and former head of property at AMP, Jack Ritch, helped form the Property Industry Foundation there was a $50,000 deficit in the books after the first year.
They did a whip-round of other property mates and got the charity back on terra firma. Twenty years on, PIF has raised more than $18 million for charities and has built or is building, about 22 homes to help reduce youth homelessness in NSW, Victoria and Queensland.
As PIF ambassador, Paramor, along with the current national chairman GPT’s chief executive Bob Johnston, welcomed guest speaker and PIF’s national patron, Dame Marie Bashir, who thanked PIF’s chief executive Rosemary Smithson for her 16 years at the helm.
Guests supporting the event included AMP Capital’s Chris Judd, new GWS Giants supporter and head of the Sydney Olympic Park Authority, Charles Moore, Knight Frank’s Richard Horne and Stephen Ellis, JLL’s Stephen Conry and GPT’s head of office Matt Faddy.