We guess even female solidarity has its limits.
Premier Gladys Berejiklian has to manage a number of sitting MPs who all want to take the one winnable Upper House seat at the next election.Credit:John Shakespeare
Enter Speakman
There was a good reason for PremierGladys Berejiklian’s hasty exit from Friday night’s Western Sydney business event at Rosehill Gardens Racecourse.
Her government was pulling itself apart.
There is likely to be one winnable Upper House spot,known as the “at large” position.
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By all accounts,Berejiklian wanted former government whipPeter Phelps to get it.
But if Multicultural Affairs MinisterRay Williams had agreed to vacate Castle Hill for TreasurerDominic Perrottet in exchange for the safe Upper House spot,that would have leftNatasha Maclaren-Jones running for the same position. We hear she’s nominated for both.
Scot Macdonald,a parliamentary secretary,has also nominated just in case he gets the punt from his safer “Country North” spot,in favour ofCatherine Cusack,on the Upper House ticket.
And we can reveal Attorney-GeneralMark Speakman gave his endorsement to yet another candidate,Insurance Australia Group lobbyistChris Rath,for that same spot.
But Rath,a moderate faction player who also has an endorsement from party elderBruce Baird,pulled his nomination,no doubt to save Berejiklian from even further pain. For the good of the party,as they say.
Berejiklian might be a creature of the party and good with numbers,but we’d have liked to see her try to squeeze four into one.
Americans eye local Calvin dealer
Sydney rag trader Michael Gazal,pictured with Krissy Marsh at a social event in 2010,is contemplating taking his clothing business private.
A year ago,Sydney rag traderMichael Gazal’s stake in the family business was worth $40 million. Today,it’s worth nearly $80 million.
The Gazal clan could soon find itself even wealthier,with talk American clothing major PVH Corp is about to make a move on their clothing empire.
Gazal Corporation,in which the family have a 40 per cent stake,is seriously considering its options after a bumper year off the back of Calvin Klein and Tommy Hilfiger sales.
At least one investment bank has been called in to discuss a deal with PVH Corp,a major New York-listed clothing firm (who once owned the rights to the Trump brand),which we understand would see Gazal Corporation taken private.
A year-long run in the Gazal’s share price has pushed it up more than 90 per cent,giving the company a value of nearly $200 million.
Its major business is already a 50-50 joint venture with PVH,which owns brands including Van Heusen,Pierre Cardin,Tommy Hilfiger and Calvin Klein.
And PVH already has a 21.65 per cent stake in Gazal.
It might be a match made in heaven (or Banksmeadow).
Skamma's aged care pay day
Perpetual's head of equities Paul Skamvougeras said Estia was the worst investment decision he had made,but the company keeps buying shares in the aged care provider.Credit:Louie Douvis
Paul Skamvougeras,investment manager Perpetual’s stock-picking supremo,once called aged care outfit Estia Health “the worst investment I have ever made”.
He must be a glutton for punishment.
Showing all the foresight of a World Cup predicting octopus on ecstasy,Perpetual ploughed headlong into propping up its stake in Estia,one of the three largest aged care home owners in the country,in the fortnight leading up to Prime MinisterScott Morrison’s announcement of a royal commission into shonky conduct in the industry.
The $4.5 million buying spree started on August 29 and continued until September 14,two days before Morrison’s announcement pre-empting a majorFour Corners investigation.
The average price? $3.05.
Leaving Skamvougeras down $1 million at yesterday’s closing price.
Not bad for a fortnight’s work.