Energy Minister Angus Taylor’s long – and sometimes politically painful – participation with rural market has actually come to an end. The Liberal MP has actually sold his holdings in Growth Farms Australia, the $400 million agricultural fund supervisor he established with his sibling twenty years ago.
Growth Farms Australia remains in business of handling a few of the nation’s largest agricultural concerns and is backed by British hedge fund billionaire Michael Hintze The attire is now chaired by previous Mercer Investments chief executive Stephen Roberts and manages some $400 million in properties. Taylor’s shares were kept in his family’s Gufee financial investment automobile.
Taylor’s farming interests have, for some years, been under heightened analysis after the Commonwealth forked out some $80 million to purchase water rights held by Eastern Australia Farming, another business related to Taylor (although that relationship ended long prior to the deal was struck).
In more current years, Growth Farms Australia has been managing two sprawling Queensland stations – Clyde and Kia Ora – along with Sir Michael’s recently-acquired Cheviot Hills sheep farm in local Victoria. Last year the fund forked out $25 million to purchase 7 billionaire Kerry Stokes’ Cygnet Park Farms operation on Kangaroo Island.
Whether Taylor is the only existing investor out of business stays to be seen. Sources informed this column an unnamed overseas financier had actually made an offer to secure the whole organisation.
The federal government’s choice to permit early access to superannuation savings has seriously reignited the culture wars in between the industry’s boosters and critics.
And there’s long shot of these arguments subsiding anytime quickly, with Liberal Senator Andrew Bragg set to launch a brand-new book, Bad Egg: How to Repair Super, next month. The book includes in-depth new polling on what the general public believes and learns about the incredibly system. Now, according to disclosures made by Bragg, we understand who has paid for that research, the cost of which encountered the thousands of dollars. It’s four of Bragg’s wealthy customers, including Greg Shand, whose Barana Capital outfit owns some $450 million in residential or commercial property across the city.
Also sponsoring the research, we keep in mind, is Jeremy Dunkel He’s on the board of the Malcolm Turnbull– founded fund supervisor Pengana Capital. Dunkel and Shand are joined by investor Jono Herrman and a business associated with Climate Financial investment Management stock-picker Ronni Chalmers
It seems almost everyone involved in the Virgin Australia administration expect insolvency experts KordaMentha to come barrelling into the imbroglio any minute.
Virgin Australia currently has an administrator. Deloitte’s Vaughan Strawbridge However the attire established by Mark Korda and Mark Mentha are nothing but aggressive when there’s money to be made. Currently those near to the administration are blaming KordaMentha for attempting to begin a rumour Deloitte has a dispute of interest after being selected by Virgin on April 5 to prepare the business for a possible administration.
Ever Since, they have been in talks with interested parties from personal equity attire BGH Capital to vulture fund Oaktree Capital about the future of the airline companies.
KordaMentha, meanwhile, is very good at making a motza. Throughout the Arrium administration, it was drawing in practically $1 million in fees … per week. In the first year of Ansett’s administration, fees were more than $30 million. After a decade working on that collapse, we can’t start to think of how much cash was drawn out.
Still, it will be an uphill struggle to handle the politics of the Virgin collapse. For a start, any potential purchaser will need to get the Transportation Workers Union onside. So how about BGH’s Ben Gray, whose dad is an ex-Tasmanian Liberal premier? Robin Gray, it turns out, did alright with the unions.
Then there’s Deputy Prime Minister Michael McCormack His chief of staff, Damian Callachor, was until just recently a senior member of Qantas’ government relations group. When it comes to Virgin manager Paul Scurrah, his spouse Nicole was chief-of-staff to former Queensland Labor premier Anna Bligh As Queensland LNP leader Deborah Frecklington happily explained in 2015, the Scurrah’s Whistler bolt-hole has in the past hosted the state’s Labor treasurer Jackie Trad
All that should not matter in Virgin’s bid to ward off collapse. But we can just imagine it will.
BACK ON STAFF
Malcolm Turnbull’s memoirs include more than a few discoveries, from Scott Morrison’s practice of dripping to the press to how his principal private secretary Sally Cray “helpfully and discretely handled a rather awkward scenario” that Cities Minister Alan Tudge had actually managed to get himself into.
But there is one last discovery hid, of all places, in the tome’s recommendations.
The ex-PM is back in organisation with among the originals at his investment banking outfit Turnbull & Partners. “It’s wonderful to be working once again with Nick van der Ploeg as I go back to equity capital,” Turnbull wrote. Van der Ploeg, we have confirmed, has returned as Turnbull & Partners’ primary investment officer.