A bird in the hand is the real deal

By DITA DE BONI

Remember what your granny said about a bird in the hand being worth two in the bush?

Many of the shareholders at yesterday's meeting to decide the fate of Fletcher Energy undoubtedly had that pearl of wisdom in mind as they pondered whether to hold on to the cut-price Shell-Apache bird - in hand for now, but threatening to fly away at any moment.

Their alternative was Peak Petroleum, literally circling above shareholders' heads before the meeting as a helicopter dragged the consortium's hastily assembled banner through Auckland skies.

The ornithological analogy was used in a mystifying form by proxy holder and Act MP Stephen Franks.

He argued that the issue before shareholders was "not a bird in the hand compared with two in the bush, but a bird in a cage which may not leave even with the door open compared with [another] bird."

The rambling, five-hour meeting saw Fletcher Challenge chairman Roderick Deane take on Peak's nationalistic posturings single-handedly in an effort to ensure the safe delivery of Energy into the hands of Shell-Apache.

His efforts to keep control as shareholders bayed for more information from Peak occasionally saw him chastising the rival consortium like the principal of a private boys' school about to administer a sound thrashing.

Despite a few calls of "go back to Telecom," Dr Deane masterfully cut off his challengers when they threatened to grab too much airtime - including Peak Petroleum's head, Mark Dunphy.

But his emphatic statements on the benefits of offloading Fletcher Energy to Shell and Apache became laboured under incessant questioning from shareholders eager to know if they could have their cake (be allowed to consider the Peak offer) and eat it too (fall back on the Shell deal if Peak failed to come through).

Dr Deane looked like a man weaned on pickles as he was forced to endure listening to his opponents talk of a "superior outcome for Fletcher Energy shareholders and all New Zealand."

His fellow board members could offer little help as the meeting ground on.

Right-hand man and Fletcher chief executive Michael Andrews was called upon only twice to answer petulant shareholders, both times leaving a large chunk of the audience scratching their heads in incomprehension.

But it was Mr Dunphy - who clearly had the most to prove - who failed to give hesitant shareholders the answers they required.

Asked to assure the meeting that Peak would table an offer if Shell's were spurned, no assurances were forthcoming.

It was evident that while nationalism may be all fine and good, New Zealanders will always go for the safe bird.