Yes I spoke to him last week, sorry been busy didn't get the chance to post.
Just to follow up, I did some quick research following my earlier inaccurate post re Centrepoint Alliance, the info I found was:
2001 (unsure of month) Tony Robinson Appointed CEO of OAMPS, share price at 31 Dec approx $1.25
2001-2006 OAMPS purchases 120 businesses
Nov 06 Wesfarmers takes over OAMPS for $4.50
April 07 TR Appointed CEO of IOOF. Share Price approx $9.50.
July 09 IOOF merges with Australian Wealth Management, TR steps aside as CEO and Aust Wealth Management CEO takes CEO role of IOOF. Share price of IOOF approx $3.75
As per ValueInvestor:
July 09: Appointed CEO of Centrepoint share price 80c
April 13: Resignation at Centrepoint, share price 36c.
Obviously unfair to exclusively use the share price as a yardstick of his performance given GFC, status of the company before he took over etc. but an interesting exercise nonetheless.
From my phone call, Robinson advised the following:
- Claims that there is very little difference between the two camps, the current board want to see the lay of the land after the Dec accounts are finalised, then look to make a capital return to shareholders.
- Robinson acknowledged that the communication to shareholders has been poor and they haven't articulated the above strategy clearly. Spoke of it being a real lesson in communication.
- Advised that the board was meeting today to discuss the strategy for the remaining business in China. Indicated that perhaps the remaining Chinese business was best held in private hands, but posed the dilemma of whether further investment is warranted to make them more saleable and at a better price, clearly stated he didn't have the answer for that but it would be one of the challenges going forward regardless of who is running the company.
- Is of the opinion that the board have worked very well together over the past 6 months and have achieved significant results (ie. the sale).
- When asked about future investment opportunities, no specific opportunity is planned, intention is to return capital to shareholders but the board wants to reserve the right to make future investments. Also advised that is was highly, highly unlikely that any future businesses would be purchased in China which he thinks is a very difficult place to operate.
- Acknowledged that the board could quite easily lose the vote.
I didn't really challenge him on any one particular issue, it was more just a general chat, I'm sure he'd be happy to speak to anybody else if they wanted to call him.
