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Sexton fesses up
When you’re rattling the can to raise up to $130 million for your company it’s never a good look to tell punters that one of your other outfits is under the ASIC microscope.
Pity, then, Beston Global Food chairman — and 5 per cent owner — Roger Sexton, who has blown the whistle in the ag investment fund’s prospectus.
When not slinging lobster pots or cow patties, Sexton chairs embattled financial services group IOOF, whose executives, the Beston prospectus discloses in a footnote, “have appeared before the Senate Economics References Committee” over allegations including front-running and insider trading.
“IOOF has provided ASIC with information and documents relevant to the broad issues the subject of the Senate inquiry,” the disclosure mourns.
At least Sexton will be rewarded if Bell Potter gets the IPO away. He is to get 15.8 million “founders’ rights” that in 15 months turn into shares worth $5.5m (at the IPO price of 35c).
Then there’s a hefty management fee that has already raised insto eyebrows — 17.5 per cent of anything over the All Ords index — for Sexton’s Beston Pacific Assets Management, which he runs with former Santos chairman Stephen Gerlach.
BPAM also gets 2 per cent for running the IPO, or up to $2.6m.
But wait, there’s more. In a move reminiscent of the glory days of the Macquarie model, getting rid of the manager costs 5 per cent of market cap, reducing to nothing after five years.
分享一下,或许有朋友看到过,这个是15年上市前 7月的新闻。ASIC 的事件后续有啥消息,网上没查到,有知道的朋友给分享下。。。。 谢谢 |
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