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Sweet deal! James Baillieu to chair Candy Club. AFR Sep 15, 2019 —

The bad boy of Melbourne’s business scene is heading back to the ASX boards.Prominent Melbourne investor James Baillieu will on Monday be named as the chairman of subscription lolly company Candy Club as part of an arrangement that will see him emerge with a 28.5 per cent stake via a rights issue.The deal comes as Baillieu continues to fight with BidEnergy, which earlier this year dumped him as chairman. The man who succeeded Baillieu as chair, Andrew Dyer, has taken a restraining order out against Baillieu, which Baillieu is fighting. The matter will return to court next year.At least Baillieu got one thing out of his BidEnergy stint. The talk on Collins Street is that Baillieu has partly funded his investment in Candy Club by selling down stakes in the likes of BidEnergy and Updater, which controversially delisted from the local exchange to seek a better valuation in United States private markets,Baillieu will pump $1.5 million into Candy Club via the rights issue, and will then lend the company a further $1.5 million for bridging finance.