Project Apollo is more proof that the billionaires are moving while the rest of us sit still.
While boards are cautious and talk about navigating tricky economic conditions and their investors largely sit on their hands, the billionaires are getting active. Just look at the past few weeks.Josh RobenstoneAndrew Forrest is ruffling feathers at Fortescue Metals Group and charging down the decarbonisation route.Chris Ellison is trying to buy the Bald Hill lithium mine out of administration for Mineral Resources.
Yes, there can be doubters, but they push on. They tend to end up attracting the sorts of shareholders they are after; ones that trust their vision, judgment and capital allocation. The float raised nearly $650 million and along with a new debt package those proceeds were used to repay a promissory note to Geminder Holdings, repay its existing debt and acquisitions. Geminder retained a 39.8 per cent stake. The IPO was at $3.80 a share.Fast-forward 10 years, and Pact has a $232 million market capitalisation and its shares were fetching 67.5¢ each prior to Geminder’s bid.
The group’s shares have traded at record lows since dropping out of the ASX 300 in March, liquidity has dried up, the company didn’t pay any dividends in FY23 and there are few big institutional investors still on the scene or interested at all.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Billionaire businessman Raphael Geminder moves to take Pact privateThe packaging group’s shares traded as high as $4.55 in 2021, but have slid to just 68¢. Mr Geminder said the ASX-listed company had low institutional support.
Read more »
Rich Lister’s Pact signs upgraded packaging deal with AldiThe CEO of the packaging group 49pc-owned by Raphael Geminder says patience is needed as it chases the ‘green’ premium.
Read more »
Largest and most expensive water security project in NSW scrappedThe expansion was announced in 2019 by the former state and federal Coalition governments. They announced they would double the dam's capacity to improve water security and flood management along the Lachlan River.
Read more »
Rinehart wins say in Liontown’s future in $6.6b takeover twistAustralia’s richest person wants a big say in Liontown’s flagship lithium project, Kathleen Valley, after building a stake of nearly 8 per cent.
Read more »
Rinehart’s Liontown swoop a ‘compliment’Liontown chairman Tim Goyder backs its Kathleen Valley lithium project as Gina Rinehart casts a shadow over Albemarle’s takeover offer.
Read more »
Santos CEO Kevin Gallagher joins the jet setGallagher is touring the world on the shareholder dime like he’s the long-lost brother of Liam and Noel from Oasis.
Read more »