2x articles from the smh

some of you may have seen these pieces recently & i know that the derogatory reporting style of the columnist has been commented on here in the past, anyhow they do help fill the information vacuum that vpg generally exists in



Author: SCOTT ROCHFORT
Date: 07/06/2010
Words: 605
Source: SMH
Publication: Sydney Morning Herald
Section: Business
Page: 2

Nice work if you can keep it
Peter Hurley just needs to hang on for three more weeks. The managing director of Valad Property Group, which posted a cool $1.49 billion loss last year and whose shares have slipped 95 per cent, will pocket a $1.88 million retention bonus if he can stay on until June 30.

Invalid's annual report says Hurley will get a termination payment of $2.284 million if he is terminated "without cause" in the year following June 30.

Some Invalid shareholders will no doubt be hoping that Hurley can hang on until the end of this month and then for another 12 months.


Valad shareholders left in the dark
Author: SCOTT ROCHFORT
Date: 18/06/2010
Words: 888
Source: SMH
Publication: Sydney Morning Herald
Section: Business
Page: 2


The struggling property outfit Valad Property (aka Invalid) seems to think Disclosure is a 1994 movie starring Michael Douglas.
Valad, headed by Peter Hurley, has failed to inform its shareholders about a spat and now legal fight it finds itself in with its joint owner in the Noosa Sheraton, headed by Craig Anderson of Ashington Capital.

Obviously, Valad shareholders have nothing to worry about with Ashington filing a petition to the court on June 1 to have the joint venture wound up. A project that now makes up a large chunk of Valad's dwindling pool of developments.

The dispute partly stemmed from a $2.5 million equity injection into the Sheraton being required by Valad and Ashington under the terms of a unit-holders' agreement.

And Valad signalling its desire to exit the development, despite still wanting to charge Ashington an "introduction fee". The site was originally purchased by Valad for $93.6 million in 2007, which was partly funded by a loan from Suncorp.

In his judgment on Tuesday, where he threw out an application by Valad to have the winding-up order dismissed, a NSW Supreme Court judge, Richard White, noted how Valad had offered to sell Ashington its half stake in the Sheraton for $20 million on May 27. Or buy Ashington's stake for the same amount.

"If ACPL [Ashington] is required to sell its interest to VCML for $20 million, it will still be required by clause 22.8 [of the contract] to pay VFML [Valad] the introduction fee of $20 million," Justice White said.

Valad in April, to no avail, put an "alternative business case" to charge Ashington a lower fee