Stock Takes: I want to stay in Auckland, says Ling

Jonathan Ling says he doesn't have plans to move back to Australia if the Crane deal goes ahead. Photo / Glenn Jeffrey

Fletcher Building chief executive Jonathan Ling must have thrown Aussie media when he told them he wouldn't be moving to Australia if the Crane deal goes ahead.

An Australian himself, Ling was asked by Australian website Business Spectator if he would be moving back to the Lucky Country after the deal was done.

But Ling said there was no compelling reason to do so.

"I'm an Australian living in Auckland, and I must say I had some trepidation when I first came over here, but running a public company head office for Australia/New Zealand from Auckland has been fantastic," he told the site.

When probed further by the journalist, who suggested there must be some challenges involved in running an Australasian business out of New Zealand, Ling went on to sing the praises of Auckland.

"It's terrific. Auckland - the airport, the infrastructure - is an easy place to live. Access to Asia, North America, Europe is just as good as it is out of Melbourne or Sydney, and I've found it very easy."

It seems at least one Australian is happy about going against the trend of Kiwis crossing the Ditch.

Fletcher shares hit a recent high of $8.23 this week but have fallen back since. They closed down 4c at $8.11 yesterday. The Crane offer closes on February 25.

WHIMP VS STIASSNY

Low-ball share buyer Bernard Whimp has hit back at corporate higher flyer and Vector chairman Michael Stiassny.

Stiassny wrote to 170 Vector investors yesterday telling them they could have a second chance to review their decision to sell their shares to Whimp's company Energy Securities because of incorrect or incomplete information on the share transfer forms.

But Whimp, who surprised Stock Takes with a call out of the blue yesterday, says Stiassny is completely wrong and is misleading people.

Whimp, who would not give his current whereabouts or a contact number, says the documents are legally binding no matter what information is on them.

He then suggested Stiassny was opening up both himself and the 170 investors to the possibility of being sued.

Whimp says he normally doesn't comment on the offers he makes but he felt so incensed by Stiassny's letter that he decided to speak up.

He also says there is much more to his side of the story and he may be prepared to talk about it soon. Stock Takes can't wait to hear what he has to say to justify sending low offers to investors.

Vector shares closed steady at $2.49 yesterday.

NAMING RIGHTS

Stock Takes was a little surprised to see the NZX decide to name its newly proposed infrastructure index after well-known Wellington businessman Lloyd Morrison this week.

Typically people don't get selected to have their name on something until after they have passed on.

But Morrison, who has fought a tough battle against cancer, is very much alive and well.

The NZX says it chose Morrison in recognition of his "instrumental contribution to the New Zealand infrastructure sector" including "taking New Zealand infrastructure exports globally to Australia, the US and the UK".

Morrison obviously doesn't mind and has praised the establishment of the indices, calling it a smart move.

The NZX says the next index it is planning will be construction and property.

Stock Takes is betting it won't be called the Mark Bryers Index, Andrew Kruikziener Index or Nigel McKenna Index.

NZX shares closed up 2c yesterday on $1.74.

FMA DELAY

Slipped into the announcement about the appointment of the new Financial Markets Authority chairman Simon Allen this week was news that establishment of the super regulator has again been pushed back.

When Commerce Minister Simon Power revealed last April that the FMA would be set up, he hoped to have it up and running by the first quarter of 2011.

But it got pushed back to April and now the minister is talking about May.

A spokesman for Power confirmed yesterday that it had been pushed out "slightly".

The regulator can't be established until the Financial Market (Regulations and KiwiSaver) Bill is passed.

It's still with the commerce select committee and is not expected to go back into the House until February 28.

However Power's spokesman said the minister was confident the FMA will be up and running "barely more than a year" after the idea was announced on April 28.

Let's hope so, as the second half of the year is only bound to get busier with the Rugby World Cup and the lead-up to the election.

MISSING OUT

Allen's appointment must have come as a blow to commissioner of financial advisers David Mayhew, who was the only candidate to make it clear he wanted the job.

Mayhew will be facing a tough decision about his future now as his current role is to be axed under the new FMA.

The highly experienced lawyer returned to New Zealand after nearly 30 years overseas to take up the commissioner role in September 2009.

He was seen as the perfect candidate with a CV which included a stint as the lead advocate and acting head of enforcement for Britain's Financial Services Authority (FSA) - the equivalent of our Securities Commission.

But he seems to have fallen foul of the change in political power. Mayhew was hired under a Labour Government.

Former investment banker Simon Allen was shoulder-tapped for the new role and is obviously well-liked by National.

But it will be a shame if a New Zealander with so much experience now decides to leave again because of a lack of opportunities.

BACK TO THE PAST?

Another role that will become redundant once the FMA is set up is that of chairman of the establishment board held by former outspoken fund manager Simon Botherway.

Botherway, who didn't want the FMA chairman's role, admits he hasn't had much time to think about what he wants to do post the establishment board role as the process has been so full on.

"I have really had my head down getting this thing done."

Outside of the FMA he also sits on the board of Fisher & Paykel Appliances.

Stock Takes wouldn't be surprised to see Botherway return to his old stamping ground in the fund management industry but perhaps in a different role this time around.

DEVON'S BIKER

Devon Funds Management is adding to its team again with analyst Philip Anderson to join the boutique fund manager on March 1.

Anderson hails from Whakatane and has a PhD. The 30-year-old has returned from London where he worked for a hedge fund manager covering energy futures trading.

Devon principal Paul Glass says Anderson is a numbers specialist but doesn't fit the stereotypical analyst mould.

While on his OE Anderson and three mates filmed themselves riding 21,000km on motorbikes from Cape Town to London. They then sold it to the Documentary Channel to pay for the trip.

RUMOUR CONFUSION

PGG Wrightson has confirmed there is another bidder in the frame for its business but it seems the interested party is keen to stay anonymous.

Last month Stock Takes reported speculation that Canadian agricultural products and services company Agrium could make a bid. At the time, Agrium said it did not comment on speculation.

Now that a second bidder has been officially confirmed, Stock Takes asked Agrium if it could rule itself out as the bidder.

But Agrium's response remained steadfast: "As a matter of policy Agrium does not comment on rumours," its spokesperson said.