While management enjoy all the bonus and offered new jobs only poor retail share-holders will take the Hair-cut – even though it is an old news you might see interesting!
************************BOW Management ******************* As the dust starts to settle on Arrow Energy’s successful $535 million bid for Bow Energy, the future of Bow’s management team has come under the spotlight. While most of the 20-odd staff are expected to be offered new roles within Arrow, chief executive John De Stefani, chief operations officer Victor Palanyk and adviser Andrew Barber are all expected to spurn new roles with the Royal Dutch Shell and PetroChina-led group.
Barber in particular seems to attract takeover targets wherever he goes. He was Arrow’s former chief spinner before Shell and PetroChina’s successful $3.3 billion bid for the Queensland gas company in March last year. The two energy majors have now struck again for Bow via their acquired Arrow vehicle.
Barber works as an adviser for boutique investment banking and funds management group Bizzell Capital Partners, run by Stephen Bizzell, a co-founder of Arrow in 1999 who pocketed $17.8 million following the Arrow sale.
Bizzell also sits on Bow’s board as a non-executive director and is a director at Arrow offshoot Dart Energy, which snapped up smaller partner Apollo Gas 12 months ago, where Bizzell was a non-executive director. Speculation has swirled that Bizzell may use his extensive board memberships and contacts in Queensland’s tight-knit resources sector to sniff out a new role for De Stefani.
Given the hot prospects of coal seam gas exploration companies in the state, De Stefani’s experience in proving up reserves in the headlights of the energy majors means he is unlikely to sit on the sidelines for long. ************************BOW Management *******************
BOW Price at posting:
$1.49 Sentiment: Hold Disclosure: Held
