Source: The Weekend Australian Financial Review newspaper [Page 10] May 31-1 June, 2008 THE PRINCE
Scott's scorched, scotched and has the widsom
After pocketing his $3 million kiss-off and tidying up the transfer of his house to wife Pamela, former mall landlord and Centro Properties Group chief Andrew Scott has decided it's time to open his own shop, as a strategic adviser.
The thousands of shareholders or syndicate investors who've done their dough in the spectacular $12 billion collapse of Centro's share price no doubt will be lining up to hear some of Scott's hard-earned insights.
We're thinking powerpoint presentation: "How to reach too far" or "How to borrow too much" or perhaps "How to court two class actions".
The governance section might include, "Executive remuneration: how to lower your hurdles".
Or, more simply: "How to subjugate a board."
As Centro lurched past its latest bank rollover date this past week, it seemed a significant deal might finally be in the offing.
After five months, seven days and no doubt copious fees paid to adviser Lazard Carnegie Wylie, Centro may have found a buyer for the $1.2 billion Centro America Fund.
Media maestro cum merchant banker John Wylie would probably point out it's been a hard time to sell good assets, let alone highly geared, overbought shopping centres in Hicksville, USA.
Now who did Centro buy them off again?
That would be Our Glenn Rufrano, the new chief executive.
Ends.
Cheers, Pie :)
CNP Price at posting:
0.0¢ Sentiment: None Disclosure: Held
