Playful Packer at the 2000 FXF EGM
January 11, 2008
This story by then AAP reporter Jim Hanna appeared in The Daily Telegraph on May 23, 2000.
Kerry Packer was unusually talkative and in a buoyant mood yesterday – as long as you didn't ask him for investment tips, particularly the investment strategy of the now-renamed CPH Investment Corp vehicle. Its main asset is a 15 per cent stake in publisher and longtime Packer target, John Fairfax Holdings Ltd.
Mr Packer is a director, while his son James is chairman. Asked about CPH's investment strategy, a smiling Mr Packer said: ``That'll depend on the market ... you tell me what's going to happen in the market and I'll tell you.''
Another question asked of Mr Packer was if he had ``a vision'' about what he'd like to achieve in broadband communication.
``Do I have a vision?'' Mr Packer said, removing his eyewear.
``Listen, I'm wearing glasses. You've got to talk to James about those things.''
``I don't know if he wants to talk about it,'' the questioner said.
``Well then,'' said Kerry. ``You've got a problem.''
Mr Packer was asked about his health, with the reporter adding that he looked well. The big man stood beaming, opened his arms to show his svelte new shape and said: ``As long as you stay away from the doctors, you're perfect.''
The meeting had its moments too, mostly courtesy of former Jeff Kennett aide (later, nemesis) Stephen Mayne, an FXF Trust unitholder.
Mr Mayne wanted to know how the Packers could tolerate Fairfax management driving down its share price with antics such as buying into Internet hopeful eisa Ltd at $2 per share (while eisa trades at under half that now) and toying with the idea of a free afternoon newspaper.
``Is there anything that we can do, anything we can bring to bear to improve the management at Fairfax in any way so that they don't keep driving the price down,'' Mr Mayne asked chairman James Packer.
``I think I'll pass that over to my father,'' said James, as laughter filled the Hilton Hotel's Sugarloaf Bay room. ``I can't ... obviously, um ... the ABA ...,'' struggled James, until dad chimed in with:
``Fairfax takes no notice of us.''
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