St Baker needs a big kick up the arse, page-70

Jamie Pherous has cash to spend.
Corporate Travel Management shareholders might be disappointed their CEO isn’t spending it on the embattled company that made his fortune. Nope: he’s ploughing $4.9 million of it into State Gas. And we have to go all the way back to November last year to find his last purchases in Corporate Travel. Make of that what you will.
The Queensland gas minnow filed a notice late on Monday revealing that Pherous bought 7 million shares on June 17 using Pherous Holdings Group Pty Ltd. (Pherous Holdings Pty Ltd of course still being in the hands of his tormentors at VGI Partners, who snapped up the name when Pherous forgot to pay his ASIC registration fees and thus briefly surrendered ownership of most of his Corporate Travel Management shares in the process.)
In State Gas, Pherous already held 567,648 shares through Black Duck Holdings, so his most recent purchase pushed him well above the disclosure threshold with 5.3 per cent of the company.
Why he’d bother to cross the threshold beats us. A show of support for his exchairman Tony Bellas, perhaps? Bellas resigned from Corporate Travel Management’s board abruptly in March after he lost control of all of his shares in a divorce settlement. He was until June 3 the chairman of State Gas, but returned to a non-executive position to make way for new executive chairman Richard Cottee.
This means Bellas, a man of what must be extraordinary productivity, is down to only three ASX-listed chairmanships (being Shine Lawyers, intelliHR and Novonix, where ex-wife Maria just got 70 per cent of his holdings by the same mechanism she got his Corporate Travel shares). Headhunters can form an orderly line: the man’s schedule is practically empty!