Ann: Preliminary Final Report, page-12

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joewolf

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04/09/17

16:07

Post #: 26984436
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Originally posted by Pioupiou ↑

In 2015 I exchanged posts on the issue of BYL's high head-office expenses, and the upmarket head office in South Perth was instanced as an example of profligacy. My post of 06/09/15, #15944150 stated in part:

“On slimming down expenses, I gave Johnmcgee's post a tick, but I do not know enough to add to what he wrote. My instincts tell me that there is fat to be trimmed. For one, I do not know why BYL has its head office at Level 2, 72 Melville Parade, South Perth, rather than at its Maddington workshop premises, and what the HO rent is.”

Because I functioned for many years as a one-man business advising large organisations where to save money, I discussed the high HO expenses with the previous CEO over the phone, and I offered to run my eye over BYL's expenses, which the CEO of the time accepted. However, for one reason or another, I never got around to going to Perth, and some of my suggestions would have gone down like a lead balloon. My consulting experience was that if the man at the top wastes money, the organisation culture is usually not thrifty, so Alan Brierty's focus on yachting did not bode well for BYL, and he might have been the guy who selected the HO venue, which is close to the South Perth Yacht Club. Who would have brought the seat sniffer into the fold, and why?

It is difficult to change a company's culture, and this may be why having the company acquired by a company that has a deep-seated culture of thrift may be required. If Ray Bushnell follows the path that Badger took to save Toad of Toadhall from himself, BYL may be saved.

On the efficacy and value of the long-standing Chairman, I'll remain silent.

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I agree 100% with what you have posted. However my looking more closely looked at what the new CEO did before this and nothing I came up with suggested extravegance. So i think the move is a further sign of reality. I think the family no longer add value and the CFO slot should be a down to earth grafter.

The chair should go...

Ithink it could become a good investment if it survives.

I think if its sold off we will be the losers and the acquirer would make all the money. That what concerns me i really dont want yyo hold if its just going to be stolen...

BYL Price at posting: 8.0¢ Sentiment: None Disclosure: Held
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0 Great analysis

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Ann: Preliminary Final Report, page-12

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