Light over Darkness

As a long-term spectator of the Condor saga, and of PRW and GXN before, I feel compelled at this juncture to comment on what I have watched unfold - which has been nothing short of remarkable and is unparalleled by anything I have seen in my career to date.

Even to the casual observer, it is now obvious that Condor was far from viable to continue as a listed entity on the ASX. That much requires no further comment. One can't polish the proverbial.

However, what is noteworthy is the integrity and resolve of Condor’s current board who appear to have worked tirelessly to get to the bottom of this steaming mess, and evidently are still progressing actions to recover whatever value might still be found. Rather than sweeping the defects under the carpet to chase fanciful new deals as many ignoble others might have done (and perhaps as some less-evolved shareholders might have wished), and instead of dumping the company when things got tough to move to brighter pastures, this board has lasted the distance and has fought with distinction through the morass that is Condor.

What is more, it is clear that these directors have shouldered a hefty personal burden in taking on the Condor mess. Despite more than two years of solid work, the company’s financials still show nil cash paid to any of the current directors, and instead they appear to have made substantial cash contributions into the company - including well after the Company’s woes had come to light. Without them, Condor would likely have been liquidated - as the old miscreant gang tried to force.

Mr Farquhar was plainly thrown a hospital pass with Condor, and yet he has never flinched nor set a foot awry. There will always be derisory conjecture from the poorly-informed and the intellectually impaired, but most shareholders will understand and respect what Mr Farquhar has done here. His actions have been honest and fair towards shareholders, and he has slain a monster and done his part for the integrity of the market. These clearly are men of principle.

I’ve been an activist investor in listed markets for a few decades now, both here and at home in the UK, and I’ve rarely seen businessmen at any level with the integrity, grit, potency and resolve demonstrated by these current directors of Condor. Their character is a throwback to the noble heroes of old. Perhaps the spirit of St George draws close.

So then, to Mr Joshua Farquhar, Dr Simon Wood and Mr Craig McGrath - you have caught my attention and earned my respect. Your integrity and resolve are invaluable rarities in this game we have chosen. Stay true, and whatever the final outcome remember that honour is its own reward.

As for Condor, while today may see it off the ASX boards, I don’t doubt that there will be significant chapters yet to come.

- Malcolm Fletcher, Point Piper