Anyone looked into our new CFO's previous employer, the ASX-listed company Pacifica?
No?
I did....
Interestingly, Pacifica were subject to an attempted take-over in 2006-7 by the German company Bosch. As a result, Bosch have 75% of the shares, control of the board and now run the company.
Presumably our new CFO has gained a world of experience being on the leadership team during the Bosch takeover. Who can imagine what he would have been exposed to dealing with the approaches of a foreign company attempting to take over a domestic ASX-listed entity.
What is more coincidental is that Peter Hay, an independent director of Pacifica (and presumably one of our new CFO's ex-bosses), is also Head of Investment Banking at (you guessed it) Carnegie Wylie. You'll remember that Carnegie's are currently advising CNP on how to get out of the mess they find themselves in. What a small world.
As you will see from the link, Jeremy Mead, who is the man on the ground at CNP, is also in the senior team at Lazards alongside Peter. Jeremy has an interesting past too: he was MD of M&A at Goldman Sachs (who are a sub holder of CER), advised Coles-Myer on the sale of Myer. He also advised Packer and Murdoch earlier in the year (http://www.businessspectator.com.au/bs.nsf/Article/Murdoch-and-Packer-pick-their-teams-B3TJN?OpenDocument)
On the face of it, given their proximity to each other, I'd say Tony, Peter and Jeremy would all know each in more than a "Good morning"-kinda way.
So, we have a new CFO with heaps of experience in a takeover, whose ex-boss is the Head of Investment Banking at Carnegie Wylie (CNP advisors) now working alongside along side a chap with extensive experience in M&A,
A skeptical person may ask whether there is a connection here. A non-skeptical person would write this off as pure coincidence.
One possible explanation is that Tony wasn't happy counting beans in the automotive industry and asked around to see if anyone knew of any jobs going. Peter overheard him at the watercooler, said he knew of a tin-pot ASX-200 listed property company who was looking for someone (after their current CFO went on stress leave when the share price dropped 90%) and suggested he give Jeremy a call.
Another explanation is of course... well, no point me even writing it; you're already there.
CNP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
