re: Ann: Appointment of Non-Executive Indepen...
With the replacement of Andrew Young by Marcus Seow,as the Independent Director,the company continues to have a high turnover of Board members and management. With each new wave of Board members,the highly relevant expertise that the retiring members were touted as possessing, is lost. Port Bouvard LTD was originally a Western Australian company. However,the resignation of Peter Coppini, as the long-standing Company Secretary, I suspect represents the last of the Western Australian involvement in the management of the company. Just over 4 months ago I predicted that both Stephen Court and Peter Coppini would soon 'resign'. With the office lease soon to expire, I would not be surprised if the company office moved interstate. Perhaps that makes sense with the new focus on inner city apartment developments. What is still not clear to me,is what percentage of ownership in the Burwood Square development does the $12M borrowed by PBD represent? Given that B1 Goldfield report that they have signed advanced contracts for most of the 210 apartments, I cannot understand their need to include a joint venture partner at this stage. They report that apartment sales in their other major development (Church St Parramatta) also have been very successful. They obviously have expertise in the building of accommodation towers and thus are not likely to be dependent on PBD for building expertise. A similar situation exists with the Annandale development. As best as I can tell,the proportion of PBD's ownership has not been explained in company announcements. This information is vital for determining the future health of the company.
PBD Price at posting:
1.6¢ Sentiment: None Disclosure: Not Held
