How NOT to fire your employees

You might remember that PGC (currently controlled by Mr George Kerr and Baker Street Capital Management) was caught with the hand in the cookie jar in the beginning of 2012 and John Duncan (MD at the time) resigned in April 2012. This was not the only drama that was playing out at PGC. Details of the dismissal of the head of operations and financial controller of former subsidiary Perpetual James West recently surfaced. You can read the full transcript of the hearing below.

Mr West

Sequal to "How to lose $22m in 6 months"...How to lose $31m in 12 months

6 months ago we showed you how PGC shareholders were out of pocket by $22m. Now, 6 months on we were hoping for improved affairs, but regrettably things did not improve. Heartland shares increased significantly in price. The $22m number now increased to $31m and PGC's market value decreased by $4m. The $31m is now a staggering 22% of market value. Australia Equity Partners, ultimately controlled by Vadim Perelman

through his vehicle Baker Street Capital Management and George Kerr

has to shoulder the blame. Mr Kerr, preferred to not attend PGC's AGM, where shareholders expected him and his fellow controlling shareholder Mr Perelman to explain these deals. 

Reblogged: Pyne Gould Corporation – hedge fund discounts and shifty management

Analysis on Pyne Gould Corporation
http://fowci.wordpress.com/2013/04/21/pyne-gould-corporation-hedge-fund-discounts-and-shifty-management/

Cheerio!
jA

Anderson Cooper once said, I think it's a good thing that there are bloggers out there watching very closely and holding people accountable. Everyone in the news should be able to hold up to that kind of scrutiny. I'm for as much transparency in the newsgathering process as possible.

Pyne Gould Corporation wants to shut down blog?

Shearing kept me busy, but I have a bit more time to post again.
We have the first official response from Pyne Gould Corporation regarding the questions raised on this blog.

They want to know who is controlling the blog (Hint: Anderson) and we want to know who controls Pyne Gould Corporation these days. Is it management, Mr George Kerr, Australia Equity Partners, Baker Street Capital Management, Mr Vadim Perelman and his hedgie friends?

That is what you get for asking questions about a public company in New Zealand.

Sue the blog by transparency6

Cheerio! jA Anderson Cooper once said, I think it's a good thing that there are bloggers out there watching very closely and holding people accountable. Everyone in the news should be able to hold up to that kind of scrutiny. I'm for as much transparency in the newsgathering process as possible.

From Baker Street Capital Management and George Kerr to the IEF

There has been a lot of changes at ING Real Estate Entertainment Fund, (IEF) which is listed here on the Australian Stock Exchange. Our contributors' focus shifted to this entity for the time being in an effort to follow the money. Readers will recall from an earlier post that PGC directors were found out borrowing money from the trust company, Perpetual's Cash Fund. At the time, before they were forced to replace the money, a significant amount (more than $10m) were transferred here to Aus. One of the Australian entities where Mr Kerr was active at the time was the underwriting (via Torchlight) of a A$15m rights issue for IEF. I understand we can expect more action in these vehicles, so it makes sense to get an idea of the lay of the land. 

By now you cannot be surprised to learn that the corporate structure and relationships are numerous and confusing and goes hand in hand with several name changes of various entities.

Torchlight GP Limited moved to the Cayman Islands?

We shared with you in November that we will be moving to where George Kerr and his dwindling entourage is setting up shop. I expected it to be Melbourne or Sydney. Europe seemed a bridge to far for Mr Kerr and with all the recent activity in ING Real Estate Entertainment Group, now renamed Lantern Real Estate Trust and not to be confused with Bodiam Re, I apologise, scratch that. Bodiam Re has now been renamed Lantern Hotel Group. Ok, I know I am confusing you, so with all the recent activity in Lantern Hotel Group (new ticker LTN on the ASX) we already started looking around for a place to rent in Sydney when we realised it might not be a good idea. The Cayman Islands might be a safer bet.

The Cayman Islands you ask? Yes indeed.

Baker Street Capital Management, Xyratex and PGC

The following letter came to my attention. It was written by Mr Vadim Perelman, the managing member of Baker Street Capital Management to the board of Xyratex, a company active in the disk drive industry. The letter was distributed over the main distribution services and picked up by Reuters, Bloomberg, etc.

Disclaimer: I have no opinion on Xyratex, I never heard of the company until I saw the letter and cannot judge the validity of Mr Perelman's comments as it applies to that situation.

Regular readers will know that Baker Street Capital Management together with George Kerr, the managing director of Pyne Gould Corp (PGC) controls the AEP (Australia Equity Partners), which again controls Pyne Gould Corp (77% of the share count). I copy the majority of the sections that Mr Vadim Perelman highlighted in his letter to the board and CEO of Xyratex.