News: Coca-Cola Amatil CFO & SPC boss step down, page-14

A. Watkins has a good track record of TSR because every company she works for gets brought out. GNC, Berri, all the same.

1. people pay a premium to take over a company. That isn't a reflection of her management, it is a reflection of the fact that a takeover offer was made and every investment banker in the country knew about it before it was announced.
2. Exclude the takeover offer and the company was equal to the asx over a period of 5 years from when she took the reigns.

3. the question you guys should be asking is why did she sell 30% of CCAI? and why did TCCC buy it? They could have easily created adequate cash by reducing their payout ratio. The capex is over several years and CCA have plenty of earnings to fund it from.

If a. Watkins tried to sell all of CCAI to a 3rd party when she arrived then TCCC would block it because they would lose their 30%.

TCCC now own 30% so if CCA want to sell their interest in CCAI, TCCC will still own 30% of CCAI as they like to do.

Watkins is now allowed to sell CCAI. All watkins does is sell things. I don't think she knows how to improve a company like CCA but she knows that she'll get a good price for a take over of that part of the business. At best she could improve the price...