Understanding the Yellow Brick Road proposed delisting; a super solution for rail freight; the dangers of Britain’s net zero backflip.
I’d suggest there’s no misunderstanding. Yellow Brick Road incurred statutory losses in eight of the past 10 years, resulting in an aggregate loss of $58 million. During that period, Mr Bouris’ remuneration slightly exceeded $16 million, while the share price fell from 77¢ to 5¢ today – wealth destruction of 93.5 per cent.
After deducting intangibles and future income tax benefits from the latest set of accounts, Yellow Brick Road has net tangible assets of $34.8 million. Mr Bouris is offering $18 million for those assets. Yes, he and his cohort own 62 per cent, but what about the 38 per cent who are being offered 51 per cent of the net tangible asset backing of their shares? Perhaps they might be better off if the company was wound up.
An act of parliament can legislate pricing and return on investment to justify the long-term investment required in this new rail monopoly, while delivering huge systemic, social and economic benefit to the state. Removing freight from the metropolitan rail network makes valuable capacity available for passengers. It will facilitate “faster” rail between Newcastle, Sydney and Port Kembla, at no cost to government. The super funds can be a driving force in rail transport infrastructure.
He also seems to have forgotten that many professional bankers in Australia should hang their heads in shame for their banks’ unprofessional and corrupt behaviour.Robert Carling has provided readers with a rather stark picture of the relative financial positions of Australia’s two largest state economies. In short, it is parlous. And the effects of these veritable mountains of debt will seriously hamstring the economies of both states for at least the remainder of this decade.
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