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Re: RE: [sharechat] Tindall got it right in Oz

From: "David & Jill Stevenson" <>
Date: Wed, 10 Dec 2003 18:29:09 +1300

Point taken David. But just perhaps the Lion move into Australia had less to do with simple market expansion but an underlying motive . Rather Doug Myers wanting an out . He had far too large a personal holding to quit other than by a take over.  He had made a fantastic contribution to Lions growth in New Zealand.and must have wanted retirement.
   Kirin were more likely to stage a buy out if Lion had a foothold in Australia no matter how challenging or tenuous it`s mid-term prospects. Certainly Kirin`s international background would have helped their Australian prospects as opposed to newcomer Lion to weather any Australian resistance.. Were Lion already in China at that time ?  Mind you China was dangerous territory  then for whale or minnow .
   As to Graeme Hart. His success story could hardly be prescribed as text book stuff for newcomers to pattern themselves on.  With disclosure , just after his $A 1/4 billion foray at an entry price of was it $A 2-60 , of an unexpected (?) write down in it`s spices business of approx $A 800 million Hart saw his shares plunge to 12 cents. That was the price at which Eric Watson took a significant holding.
  No, not an example to copy of Kiwi "can do " attitude.   No !  This was too much of a classic when all the factors came together to help a guy when he should have been financially ruined if not suffer a massive heart attack in that path of decline.
     Don`t quote Graeme Hart`s Burns Philp other than as a once in a centurylegend rather than an illustration . Imagine the day after the announcement of the stock write down Graeme Hart having to keep a consortium of about 15 lending Banks at bay over succeeding months until refinancing was arranged . And all during that time staying totally together enough to dictate the most advantageous entitlement to option and Preference share for his blood sweat and tears. In those days  that one time tow truck operator, proceeding to get his MBA  then  much later in the Burns Philp saga had not only Lady Luck on his shoulder  but every member of her whanau as well.
  I take my hat off to him. Meanwhile can I interest anyone in my own Burns Philp shares I can`t quit at a present market price of 59 cents ( I bought in at 66 cents ).
                David Stevenson

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