KEY POINTS:
Graeme Hart took just 15 minutes to conclude the last public meeting of Burns Philp yesterday, The Sydney Morning Herald reported.
The annual meeting was one of the last formalities before Mr Hart completes the privatisation of the 123-year-old company -- effectively the "Australian office" of his investment vehicle, Rank Group.
Fewer than 50 shareholders had their last chance to hear Mr Hart say how he derived a "sense of satisfaction" from resurrecting Burns Philp from near-collapse.
Mr Hart said David Burns, a former chairman of Burns Philp, phoned to say "that the money he had invested in Burns Philp a decade ago, which was put aside for his grandchildren, was gone and today it's well and truly intact and enhanced".
"I think that reflects what we have done at Burns Philp," Mr Hart said.
The privatisation leaves him with a war chest of up to A$3 billion ($3.52 billion) and comes after Rank completed a $3.3b takeover of Carter Holt Harvey.
Mr Hart said Australasia and North America remained the focus for Rank. Direct acquisitions in Asia were not on his radar because "we are not sure we have got the right cultural background".
He admitted it was harder to find a bargain because private equity firms were bidding up the price of assets.
"You just need to be patient because markets will move in cycles -- cycles haven't come to an end."
Mr Hart declined to comment on whether he was interested in Amcor's packaging business.
"Today we certainly understand the assets around the world that are in pulp, paper and packaging and building and food," he said. "Is that the only area we look? Absolutely not."
When will we hear from him next?
"Well that's very difficult to predict, but it won't be a Burns Philp AGM."
- NZPA
