Interested to hear both perspectives: What is people's take on Balzirini's leaving Australia discontented and selling up his Real Assets to run the company from Singapore?
https://au.news.yahoo.com/thewest/wa/a/32329407/wellard-chief-launches-parting-salvo/#page1
"Mauro Balzarini has fired an extraordinary parting shot at Australia as he prepares to sell his farming empire in the Wheatbelt and leave the country.
Mr Balzarini, who is an Italian citizen, said bureaucracy and growing sovereign risk were major factors in his decision to leave.
“I’m a bit fed up with WA anyway and I’m on my way out,” he said yesterday.
“Australia is in decline in the ease of doing business. It is becoming complicated, it is becoming expensive and more bureaucratic.”
Mr Balzarini blasted rules introduced last year which forced him to seek Foreign Investment Review Board approval for a $6000 transaction involving a strip of land in Kojonup.
He also admitted to being upset after “silly bureaucracy” foiled his attempts to gain Australian citizenship.
Mr Balzarini said he wanted more than $100 million for his farms and associated assets, including machinery, about 23,000ha of crops ready for harvest later this year, 2400 cattle and more than 60,000 sheep.
The farms are owned by his private company WGH Holdings. The sale would leave WGH with virtually no assets apart from a 36.6 per cent stake in Australian Securities Exchange-listed livestock exporter Wellard.
Mr Balzarini said Wellard, which is suspended from trading on the ASX pending a third profit warning since its public float last December, would remain based in Fremantle.
He plans to stay in his job as Wellard chief executive and work from the company office in Singapore."
Also: Key resignation http://www.farmweekly.com.au/news/a...gnation-leaves-big-shoes-to-fill/2753465.aspx
Interested to hear some analysis of these factors, with last four top 20 holders transactions all being sells back 7 months ago - what are the implications? Fundaentals look good if it wasn't for these unknowns.
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Interested to hear both perspectives: What is people's take on...
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Price($) | Vol. | No. |
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