LRG 0.00% 17.0¢ longreach group limited.

not drowning waving

  1. 4,513 Posts.
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    You're right Clotski. Tony Berg was the CEO of Hill Samuel and then the foundation Managing Director of Macquarie Bank for nine years when it morphed out of Hill Samuel. He was then MD of Boral and latterly Chairman of Record Investments Ltd, now Allco Finance Group (think Qantas etc.) He's also been a director of Westfield for nearly ten years. Of more interest are his current tenures as an executive director of Gresham Partners, Chairman of Grange Securities and Chairman of Kaplan Equities.

    Gresham are a Lehman brothers subsidiary. Grange and Kaplan are boutique operations in the private client wealth management space, as are BMF. Kaplan run their own equities fund with the thick end of A$2 billion under management. In short, Tony Berg is a successful, respected, seriously well-connected player. If he's interested in LRG then there must be something there to be of interest. Sounds simplistic but... I was interested to see that he only took 4,500,00 off HHL for a total of 7,500,000 which means he was already involved to the tune of 3,000,000. Averaging down? Investing for the future? Upcoming placement? And where did the remaining 14,500,000 go? The way the SSH reads they didn't go to the retail market. So who is else is taking a stake in the turnaround?

    At least we now have some movement at the station even if Farrar and co can't be bothered to let us know what's going on. Suspect there will be a few more notices this week which should clarify things somewhat. Having re-read the half year report which states they expect to be back in the black by calendar year end 07, we have a company with approx $20,000,000 revenues, half year EBITDA of $1.8 million and a market cap around $3,500,000. It's either a basket case or seriously undervalued. Based on that and on the back of Tony Berg's involvement perhaps there is cause to be more optimistic than has previously been the case? I'm begining to think I might dip in for some more.
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