Peter Smedley, the fallen corporate guru doesn't need a payout to pay the rent but the near halving of Mayne's stock price has hit his paper wealth. Last August, his 2 million Mayne shares at $2.93 a share were worth $9.3 million when the company's stock price hit $7.58 a share.
As at Wednesday's close, his holding was worth just $1.8 million or just eight months later a fall of $7.6 million.
The time clock on these shares, it will be remembered, has shortened because the Mayne board agreed to close the loan early to allow Smedley to become chairman.
That, of course, assumes it doesn't belatedly see sense in reversing this decision and appoint the mooted new deputy, Sir Ross Buckland, as Mark Rayner's replacement.
SYB Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
