Excerpt..... What really annoyed some shareholders was how well pearce and others timed their decision to sell large parcels of stock following the expiry of a 12 month restriction on selling after listing.
In october 2001, one year to the day after the Collection House listed on the sharemarket,Pearce and six members of the board sold 10.9 million shares between them at about $4.20, worth nearly $46 million.
Chairman Dennis Punches sold nearly $16 million worth of stock, Pearce pocketed $14 million. Executive Director Tony Coutts took out $4.6 million.
Today, Pearce holds 14.3 million shares in collection house, or nearly 15% of the debt collector.Punches, an American national, has 14 million shares.
But Pearce and Punches,if pearce,s thinking is the same as when he sent an Email in 2003,are still looking to the door. "Today i resume work(short retirement)as CEO of collection house.So i am here again probably until Dennis Punches and i sell our shares.No idea how long."said Pearce in April 2003 in an Email to a friend,obtained by the AFR.
When asked about this Email Pearce at first said that he did not remember writing it. Then he said it meant nothing and finally he offered this: "Dennis Punches is 68 years old.I am 60. Do you think we are going to stay forever?"
Extravagent.....
In may 2001 he bought Brisbanes most expensive apartment,a $6.7 million penthouse in the yet to be completed Riparian Plaza designed by Harry Seidler.
He drives a $430,000 top of the line BMW 760.One employee says that he used to tell staff that it was even bullet-proof.
When visiting London,he stays at the Ritz in Picadilly,whee a junior suite costs nearly $1450 a night.
Collection House even had one of its early board meetings in London, which coincided nicely with the cricket at Lords.but he is still at work.
That was one of Prime Minister Menzies favourite tricks.Meetings in London to coincide with the cricket. Queensland premier Peter Beattie consulted pearce on his smart state program,(formally the Sunshine state but we are all a lot cleverer now).Hopefully he is as smart as Beattie thinks he is.
CLH Price at posting:
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