Rio-BHP, Oz Minerals, Gonski meeting, PC submission, GPT, Bluescope windfall, capital raisings, Rich List and much more

February 2, 2010

Dear Mayne Reporters,

First up, apologies you haven't heard from us since this lively edition on May 23.

A combination of factors - including a bout of the flu, work on this submission to the Productivity Commission's inquiry into executive pay and extra time spent on all these capital raising opportunities - has conspired against us but we hope you enjoy the offering below.

If you do like it, tell your friends The Mayne Report is moving to a free service and they can sign up for a free trial.

The complete archive of email editions since we launched in late 2007 is also now available here.

Backing the Rio-BHP deal

Whilst the Chinese customers will no doubt get done over, the share price reactions on Friday demonstrate that the Rio-BHP iron ore joint venture is a winner for all Australian parties.

WA Premier Colin Barnett is bleating about one company having too much power but the merger will probably see greater production, high prices and much bigger iron ore royalties. Indeed, Barnett should follow through on his threats to jack up the royalties given WA has finished the mining boom with negative cash flow of about $7 billion a year, assuming the much-promised infrastructure program is delivered.

You'd hope the various competition regulators would require the combined Rio-BHP to open up its rail and ports infrastructure to all comers, or even sell off some mines given the enormous power it will have. BHP's $US5.8 billion cash payment for a 5% interest in the combined operation suggests an overall enterprise value of $US116 billion for their Pilbara iron ore businesses.

With the possible exception of sovereign states such as Saudi Arabia, surely there has never been one commodity across one province that has produced so much value for one entity.

There has been a truckload of media commentary on the deal and I've contributed this lively assessment on Sky's Business View on Friday, plus this discussion with Lindy Burns on 774 ABC Melbourne's Drive program.

OZ Minerals board tilt and time to reject Chinese again

When Rio Tinto walked away from China Inc on Friday, it's share price surged. That reaction should also prove the death knell to the Chinese Government's attempt to secure most of the assets of Oz Minerals at a fire sale price - a point I made forcefully on Sky's Business View program last Friday.

However, the Oz Minerals board is ploughing on with their endorsement when this is quite clearly contrary to the long term interests of the company.

I'm the only outside candidate running for the OZ Minerals board next Thursday and my position is absolutely clear - vote against the Minmetals deal and then do a discounted rights issue to take those pesky banks out of the equation once and for all.

After spending an hour with OZ Minerals chairman Barry Cusack a few weeks back, it was clear the board didn't have much appetite for going back into rolling crisis talks with its dysfunctional banking syndicates. After all, these same banks expropriated $95 million in fees out of the company whilst still refusing to give it a long term deal.

However, the situation has moved so far since the Minmetals deal was announced on April 1 that it is time to take a stand.

Several of the players have major conflicts. For instance, Oz Minerals CEO Andrew Michelmore has already stitched up a multi-million salary package with the Chinese Communists. No wonder he isn't repeating the effort of Vince Gauci at MIM in 2003 and speaking out against a bargain basement foreign takeover.

The same goes for the various Oz Minerals advisers who are sitting back and looking forward to their success fee if the Minmetals deal goes through.

With the share market now up almost 30% from its lows of March 9, the revised offer of $US1.206 billion by the Chinese Government for all the major assets except Prominent Hill is starting to look a bit under-done, especially with a contract for the $US211 million sale of Martabe now inked.

After all, with the Aussie dollar surging through US80c, the bid is now only worth $A1.5 billion - $250 million less than the $1.75 billion mentioned in the ASX release on April 1.

Indeed, the independent expert, Grant Samuel, believes the assets are not fairly priced given these words in the material sent to shareholders:

In Grant Samuel's view the Consideration payable by Minmetals of US$1,206 million is less than the underlying value of the Sale Assets. Arguably, the Proposal represents the realisation of a substantial part of OZ Minerals' asset base on terms struck at a time of particularly depressed prices for resources assets.

We have previously given the Oz Minerals bankers both barrels and particularly went after ANZ given all those advertisements it ran trumpeting the way it had helped Owen Hegarty get Oxiana up and running.

However, ComBank CEO Ralph Norris has now publically come out and suggested he would support an independent future for Oz Minerals after a couple of hard hitting columns from Robet Gottliebsen in Business Spectator. Gottie was also the most aggressive columnist when MIM was lost.

Whilst the two French banks and the nationalised British majors were clearly outrageously obstinate, the likes of Westpac also behaved appallingly with OZ Minerals when we were only talking about a company with $1 billion in debt and assets worth at least $3 billion.

The Big Four should have just passed the hat around to get OZ Minerals refinanced, instead we've had a completely unnecessary fire sale to the Chinese Government.

It is probably now getting too late for the board to change its view even though this rival Canadian proposal has now been submitted. The simplest solution now is for the major shareholders to vote against the deal and then simultaneuosly agree to back a capital raising.

The major Oz Minerals shareholders above the 5% disclosure threshhold at the moment are Barclays (5.11%), Morgan Stanley (6.89%), Bank of America (6.89%) and Blackrock (6.17%). All it would require is for these four to vote against the deal and the company would also avoid the break fee obligation to Minmetals.

Meanwhile, we've updated our list tracking Chinese investment in the Australian resources sector so you can see how broad the push is to snap up projects and companies or all sizes.

There's also this package of all our past commentary, AGM action and videos on OZ Minerals.

A meeting with the ASX chairman

ASX chairman David Gonski made contact shortly after last month's Coca Cola Amatil AGM, which I'd promised to attend but then got diverted from at the last minute, and we caught up for an hour in his Melbourne office last Wednesday.

It was a wide-ranging discussion but we agreed the detail would remain off the record. However, David does now know that I've got a long term plan to get on the ASX board in what would complete a transition from being a professional outsider, to someone back inside the tent.

Ever since my better half Paula Piccinini got onto the board of the RACV in 2006, there has been a gradual shift inside the tent. This gathered pace when elected to Manningham City Council last November and with the 40th birthday coming up, it really is time to make a decision one way or the other.

Whilst flying around the country asking questions at AGMs and speaking freely is fun, you can't do it forever. It has been 10 years now and the experience on Manningham Council has been very stimulating. You can do so much more inside the tent.

The world's most effective retail shareholder activist is a wealthy guy called David Webb in Hong Kong. He runs his own free website and has a huge 19,000-strong email list. Check out today's missive about the latest changes to the Hong Kong Stock Exchange's listing committee with a few more tycoon bunnies getting the nod.

David Webb got himself elected to the board of Hong Kong Exchanges and Clearing Ltd in 2003 and he only resigned last year after a five year stint which saw him achieve plenty for retail investors in the Hong Kong market.

Whilst you can run around criticising individual companies for their practices, it would be far more effective to try and influence the rule-making body from the inside so we've let the ASX chairman know and have also made this plan public today.

If elected or appointed to the ASX board, clearly this would require an end to all forms of public shareholder activism through board tilts, AGM questioning and media commentary. There would be some companies who would appreciate this, but I doubt a majority of the ASX directors would countenance accepting their biggest public critic joining the board.

Then again, that is precisely what happened at the RACV when Paula was elected in 2006 and we're all getting along famously these days.

GPT AGM produces a top 10 sledge

The GPT AGM in Sydney on May 25 was a pretty brutal affair but it did produce a quote from chairman Peter Joseph which we've included in our list of top 10 sledges from AGMs over the past decade:

"A healthy democracy must include the licence to offend and you've got that down to a fine art."
- Peter Joseph, GPT chairman, 2009 AGM - have a listen here.

“Do you set out to be offensive or it is just natural?”
- Kerry Packer, PBL AGM, 2000, when asked if he was losing on his Hoyts investment.

“That's the first time anyone's ever interrupted our AGM – I'll get you later.”
- Gerry Harvey, Harvey Norman AGM, 2001.

“You're free to fire me any time, Mr Mayne”
- Rupert Murdoch, News Corp AGM, 2004, after being asked if he had an employment contract.

“What are you going to bring up next, the assault charge?”
- John Singleton, STW AGM, 2005.

" Mr Mayne, you write a very good fiction story"
- Frank Lowy, Westfield AGM, 2000.

"As you know Mr Mayne, I don't subscribe to your rubbish."
- Solomon Lew, Coles Myer AGM, 2002

"Your questions here are under question because you are here not as a shareholder necessarily, it's because you hold another job and as a shareholder using this opportunity to enhance your own career in journalism."

- Frank Lowy, Westfield AGM, 1999.

"I would like to dispute what you just said because it is quite misleading."
- Michael Chaney, NAB chairman, January 2007

Lively exchanges with the GPT board

You can listen to all the edited highlights from the 4 hour GPT affair but we particularly liked the following:

Challenging PwC auditor David Armstrong on the missing $4 billion in book value

When did you wake up and realise the Babcock JV was a disaster?

Why is GPT ripping off small shareholders in the latest capital raising?

Director elections, proxies, board pay and the Rob Ferguson coup

How will the Singapore Government director handle conflicts?

Chairman's skin in the game, Babcock ghosts and executive loans

Gotta fly, but please answer the board pay and derivative gain questions at the end

GPT auditor speaks more frankly than most

The Howard government introduced the reform a few years back that allows shareholders to directly question the auditor at AGMs. Indeed, these days you can also write to them, although it is not being used very widely.

The share market crash has thrown up plenty of issues for auditors, the biggest being whether book values are sustainable. In many cases auditors are in an appalling situation where forced write-downs could trigger debt covenant breaches and that can send perfectly solvent companies into crisis as we've seen with Oz Minerals.

When questioned, auditors typically only say that the accounts have been drawn up in accordance with the accounting standards and then sit down.

GPT auditor David Armstrong, who spent several years as PwC's signing partner on the Macquarie Bank audit, was a lot more frank than most when he observed that the $4 billion disparity between GPT's book value and market value probably reflected the fact that many equity analysts are predicting substantial drops in property values, whereas his audit valued the book as at December 31, 2008. Have a listen.

Below are some of our favourite exchanges with auditors over the past 12 months:

Allco Equity Partners: AGM November 5, 2008: Can the auditor explain where this missing $300m of value has gone?

Babcock & Brown Power: AGM, November 7, 2008: Getting auditor Marc Upcroft to defend illusory accounts

Babcock & Brown Infrastructure: AGM, November 5, 2008: Putting the auditor on the spot and what happens if BNB or BBI go into receivership?

GPT: AGM, May 25, 2009: Challenging PwC auditor David Armstrong on the missing $4 billion in book value

Macquarie Media: AGM, October 29, 2008: Getting the auditor up on this missing $600m in book value and The PwC audit conflict

It will be interesting to see what the Oz Minerals auditor has to say at next Thursday's AGM.

More windfalls playing the capital raisings game

Last week I produced another major piece for the Fairfax websites on playing the capital raisings game and it generated more than 160,000 page views in 24 hours.

The earlier piece revealing the tactic of applying for additional shares is now pushing 300,000 page views yet still we see investors leaving money on the table.

The results of the $616 million Bluescope Steel retail offer were revealed on Friday morning and despite being more than 50% in the money when it closed a week earlier, investors only stumped up $524.5 million, leaving a shortfall of $91.5 million or 59 million shares.

With the offer at $1.55 and the stock last trading at $2.61, the shortfall is actually a windfall for under-writer Credit Suisse and anyone else it sub-underwrote the exposure to.

Unfortunately, Bluescope Steel did not provide a breakdown between the entitlement take-up and those who applied for additional shares, which was something we did get from the likes of Wesfarmers, Fairfax Media and Onesteel when they announced their scale backs.

Bluescope was always going to struggle to impose any scale back given that it was the first major issuer to under-write the retail component of its offer. Indeed, it was a point strongly made in this letter to the Bluescope board as they were deliberating about the retail allocation.

I bought 186 Bluescope shares at $2.66 through my wife's account on April 14 after reading rumours in The AFR's Street Talk column that a capital raising was imminent.

Unfortunately, I'd actually quit the Bluescope register entirely when exiting after last year's $5000 share purchase plan at $3.10, so this was our only direct access to the offer.

We arranged finance through a third party for a $50,000 application through Paula's account and then The Mayne Report Pty Ltd applied for an additional $25,000 worth of shares under a profit share arrangement with another Bluescope shareholder.

All applications were accepted so if the shares hold up at Friday's closing price, this will deliver a $37,000 net profit all because we just happened to be on the register with a $500 investment and could arrange finance to apply for extra shares.

However, it remains a crying shame that more Bluescope shareholders didn't do the same thing because that 59 million share shortfall is currently $62 million in the money and that value will be lost to retail shareholders as a class and instead go to a big Swiss bank and its clients.

Rio Tinto raises money the fairest way

Congratulations to Rio Tinto for being the first major company in a long while to do a renounceable rights issue which is the fairest way to raise money.

However, it's bad news for our household as my 2 Rio shares and Paula's 9 will only deliver the right to buy another 5 or 6 shares at the discounted offer price of $28.29. We could sell the rights on the market for about $180 but there is no ability to emulate the Bluescope windfall because the offer is strictly pro-rata. You can't apply for extra.

If it is good enough for Rio Tinto to give shareholders who don't want to buy any more stock some value for their rights, then it should be good enough for the other major Australian issuers. John B Fairfax would no doubt be wishing Fairfax Media had gone down the renounceable path when he got ambushed in April with a discounted offer at 75c that he could only partly support.

With Fairfax Media shares now at $1.26, John B has seen more than $50 million of his wealth snapped up by the institutions who were given his entitlements for free. I've been arguing the case for renounceable rights issues for a few months now as the following audio files from recent AGMs attests:

QBE Insurance AGM, April 8, 2009: How on earth can retail only be allocated 6% of a capital raising?

Alumina AGM, May 7, 2009:
Don't scale back the retail allocation under the theoretical maximum.

AMP AGM, May 14, 2009: Structure your next capital raising so there is no dilution of retail shareholders as a class.

Axa Asia Pacific Holdings AGM, May 6, 2009:
Why not just do a renounceable rights issue?

Bell Financial Group AGM, April 22, 2009: Don't let your clients like St Barbara shaft us small shareholders

We've also worked up this shame file of companies which do selective placements to institutions but then don't follow through with a share purchase plan to retail investors on the same terms.

Trying to change the GPT allocation policy

A first time AGM attender sent through an email which included the following after the GPT AGM:

Enjoyed watching you toast them – I particularly like the Chairman offering to name the bankers, only to be shut down by his board member, and the very unconvincing attempt to explain the difference between their book valuations and the market valuation of their stock. The Chairman appeared to be left with nowhere to run when you cornered them on the screwing of retail investors through the structural limitation on the capital raisings, which was quite entertaining – the poor b*stard got to go to his own career funeral, which must be a little rough.

GPT certainly has treated shareholders more harshly than any other major company doing an entitlement offer. The details were all spelled out in this exchange from the AGM.

However, in limiting shareholders to applying for only 25% more than the one-for-one entitlement, the board will ensure most applicants do apply for the maximum because they've included the 25% extra in the calculation sent to each shareholder.

For instance, I own 44 GPT shares meaning I'm entitled to buy 44 new shares at 35c in the one-for-one offer. However, they've added the extra 11 shares from the 25% bonus to come up with a figure of $19.25.

I've decided to BPAY through an application for $500 just to see if they really do scale back a tiny shareholder who simply wants to move up into marketable parcel territory, which is defined as a $500 investment.

The only other company to place a limit on so-called "overs" was Pacific Brands so I've applied for more than the maximum through their offer to also see if they really will force retention of an unmarketable parcel.

Pacific Brands has the same chairman as Mirvac in James MacKenzie so it will be interesting to see if the property group's $1.1 billion raising announced last week includes any limit on applications for additional shares.

Finally, here is the letter which came back from GPT this week after the AGM request for a change in policy:

May 26, 2009

Dear Stephen,

At the Annual General Meeting of the GPT Group held on 25 May 2009 the chairman, on behalf of the GPT Board, was asked to re-consider the 25% cap on applications for New Securities in excess of Eligible Retail Securityholders' entitlements in connection with GPT's Retail Entitlement Offer as set out in the Retail Entitlement Offer Booklet dated 18 May 2009 (Retail Entitlement Offer).

The chairman indicated at the meeting that the GPT Board would consider that request.

The 25% cap was set by GPT having regard to the need to balance, on the one hand, the desirability of allowing GPT shareholders to participate in over-allotments under the Retail Entitlement Offer against, on the other hand, GPT's need to secure the full amount of proceeds from the Retail Entitlement Offer by procuring underwriting and sub-underwriting undertakings for that amount.

Having considered that balance issue again, The GPT Board has determined that no amendment wil be made to 25% cap on over-subscriptions in the Retail Entitlement Offer.

Yours sincerely

James A Coyne
Company Secretary

Capital raising plays since the last edition

Whilst Bluescope Steel has turned into our best ever sharemarket play, we've been churning through all the other capital raising offers recently and have met with some mixed success. Macquarie Group and Horizon Oil were the two other standouts, producing almost $13,000 in gains between them last Friday. Here's how the latest plays rank from best to worst:

Bluescope Steel: bought 48,387 at $1.55, shares last traded at $2.61 and come on tomorrow.

Horizon Oil: bought 100,000 at 10c and sold for 17c

Macquarie Group: bought 564 at $26.60 and sold 555 at $37.20

Aristocrat Leisure: bought 3,076 at $3.25 and sold at $3.71

Dexus Property Group: bought 6,153 at 65 and sold for 72c

STW Holdings: bought 10,870 at 46c and sold out at 52.6c

Sky City Casinos: bought 1700 at $2.03 and sold for $2.17.

GUD: bought 2,443 shares at $6.14 and sold out at $6.15

Current offers where cash has been committed

There's a raft of other raisings in the pipeline and with the support of financiers we're ploughed more than $70,000 into three issues that closed last week: Bunnings Warehouse Property Trust, Santos and Adelaide Brighton.

A further $40,000 has already been committed to a five more offers which close this week: Seek, McMahon Holdings, Hastie, Billabong and Stockland. We're hoping to increase this play over the next few days subject to finance coming through and share prices holding up.

All up, we've now pretty much recouped the $140,000 that was dropped on the share market at the worst point in the global financial crisis. There should be some more healthy gains in the pipeline from everything laid out above and below and that will hopefully go some way to recovering the $200,000 that we've dropped on The Mayne Report so far.

Assessing the capital raising pipeline

It is of no real use to anyone assessing past capital raisings, so we've promised to also reveal the future pipeline of offers that have either been announced or arrived in the mail. There are 30 of these and they are as follows:

Allied Brands: $10,000 SPP coming at 15c after placement and currently 20% in the money.

ANZ: $15,000 SPP coming at $14.40 after recent placement and currently 13% in the money.

APN News & Media: entitlement offer at $1 with shares up to $1.525 so currently 52.5% in the money and closes June 15.

Aspen Group: $15,000 SPP coming at 30c after placement and currently 12% in the money.

Ausenco: $15,000 SPP coming at $3.20 after placement which is currently 27% in the money.

Automotive Holdings: $15,000 SPP coming at $1.20 after placement and currently 10% in the money. Closes June 26.

Bannerman Resources: $15,000 SPP at $1 after placement and currently 39% in the money. Closes on June 23.

Billabong: entitlement offer at $7.50 after placement, currently 12% in the money and closes on Thursday.

Charter Hall: entitlement offer at 33c after Gandel bailout and currently 76% in the money with stock at 58c. Closes on June 18.

Clean Seas Tuna: entitlement offer at 55c versus current share price of 56c and closes on Friday.

Codan: $5000 SPP at 62c which is marginally under water and closes this Friday.

Cudeco: $5000 SPP coming after placement at $2.50 and is currently 29% in the money.

Eastern Corporation: entitlement offer at 24c and currently 31% in the money. Closes on July 8.

Fantastic Furniture: $5000 SPP at $2.30 after placement and currently 17% in the money.

Graincorp: $15,000 SPP at $6.25 (or a 7.5% discount) which is currently 19% in the money.

GPT: entitlement offer at 35c currently 51% in the money but no good for really small shareholders as additional applications capped at 25% of entitlement. Closes on Tuesday.

Hastie Group: entitlement offer at $1.15 which is 10% in the money and closes on Wednesday.

Heemskirk: $15,000 SPP at 45c after recent placement and currently 13% in the money.

Kagara Zinc: still suspended after 3 days but capital raising is said to be coming.

Lincoln Mining: entitlement offer at 8c, currently 37% in the money and closes on June 22.

McMahon Holdings: entitlement offer at 32c which is 19% in the money and closes tomorrow.

Mirvac: entitlement offer at $1 but yet to see if can apply for additional shares and stock still suspended.

Neptune Marine: $15,000 SPP at 50c after placement which is 16% in the money.

Nufarm: $15,000 share purchase plan at $11.25 which is only 3% in the money and closes on June 17.

Orchard Industrial Fund: 16c entitlement offer announced last month as part of a South African bail out which is already under water.

Pharmaxis: $10,000 SPP at $2.50 after placement which is only 2% in the money.

Primary Healthcare: $15,000 SPP at $5 after placement which is 9% in the money.

Seek: $5000 share purchase at bargain basement $2.60 that is now 70% in the money so risk of scale back given offer capped at $15 million. Closes tomorrow.

Stockland: entitlement offer at $2.70 against share price of $3.15. Fully under-written by UBS so retail investors should really go for it before the close on Thursday if it stays in the money.

White Energy Company: $5000 SPP at $1.50 which is currently 14% in the money and closes on June 26.

Press room and latest radio interviews

The best way to listen to our regular radio interviews is to sign up for video and audio podcasts.

The past week has included the following:

774 ABC Melbourne - with Lindy Burns discussing the Rio-BHP deal.

4BC Brisbane - discussing Queensland government spending with Mike Smith

2UE Sydney - with John Stanley discussing pokies.

774 ABC Melbourne - discussing Woolies and Malcolm Turnbull on the BRW Rich List.

Also, check out these special packages for our other regular media spots. We've spent plenty of time re-arranging the press room so check it out here.

Cornwall cartoons for The Mayne Report

Former Fairfax and Crikey cartoonist Mark Cornwall has been contributing his satirical commentary to the Mayne Report since March 2009. Here is a collection of his best cartoons and below are some new offerings:

Mayne Report video blog

Over the past few weeks we have been putting together playlists of videos covering similar topics and additionally, collections of videos from television appearances. Check out these special edition videos.

Appeared on Sky Channel's Business View on Friday discussing the defunct Rio-Chinalco deal, Oz Minerals, dodging the recession, capital raising and much more.

The Mayne Report Rich List

Since we began compiling the Mayne Report Rich List documenting every Australian currently or previously worth more then $10 million, it has grown in numbers and popularity such that no other feature on our website can match it for traffic.

We're now up to 1350 entries, although some are italicised, denoting that they are no longer worth more than our $10 million cut off. Here are our latest entries, some of which have come courtesy of the latest edition of BRW's execellent Rich List:

Baiada family: behind Baiada Poultry, which is Australia's third-largest chicken processor in Australia. The BRW claims $215 million.

Troy Campbell: part of Australia's largest privately-owned oil and gas services company, Easternwell Group which his father established, secured a $100 million contract with Santos to build and operate drilling rigs in 2007.

Jim Gorman: former business partner of coal king Ken Talbot, he owns several properties in Queensland including some pastoral holdings.

Tom Gorog: managing director of the Victorian division of Waterman Consulting Engineers AHW, he also along with his wife own property holdings that push their wealth above $10 million.

Inge family: Zig Inge was a homebuilder for many years before he moved into apartments for retirement villages which they family sold off to an unlisted Macquarie fund for $641 million in 2007. They have added the historic Rivoli Theatre in the Melbourne suburb of Camberwell to their portfolio for a reported $20.2 million. The BRW claims $435 million.

Anthony Kaiser: fund manager of a local Melbourne hedge fund, the Kaiser Fund. It is listed with assets of $1.6 billion. Given the performance metrics for the fund, he must be worth considerably more than $10 million.

Michael McFie: in early 2009 he purchased Cradle Mountain Lodge for $21 million from property group GPT.

Wagner family:
they are based in Toowoomba, Queensland, and own Australia's only independently owned construction materials supply business, Wagners. The family also owns a substantial portfolio of commercial and pastoral property holdings. The BRW claims $350 million.

Chris Wallin:
this Brisbane-based geologist by trade, has made his wealth from mining royalties. He discovered the Copabella mine that is the cornerstone asset for Macarthur Coal.

All the recent share trades

We've continued with all this tax-loss selling of late after this run of wins from capital raisings. Check out all the trades so far this year and here's the world's biggest small portfolio as of May 19, 2009 when the 637 stocks were worth just $69,073. The paper loss is down to $61,732 and the average holding is still a miserable $108. Anyway, here's the trading since the last edition:

June 5
Horizon Oil:
bought 100,000 at 10c in share purchase plan
Horizon Oil: sold 100,352 at 17c
Macquarie Group: bought 564 at $26.60 in share purchase plan
Macquarie Group: sold 554 at $37.20c
Aristocrat Leisure: bought 3077 at $3.25 in share purchase plan
Aristocrat Leisure: sold 3,087 at $3.69

June 4
Ramsay Healthcare: sold 40 at $11.00
Heemskirk Consolidated: bought 920 at 57.5c
Amcor: sold 92 at $5.10
Leighton Holdings: bought 17 at $24.70

June 3
Warrnambool Cheese: sold 109 at $2.00
UK Coal: sold 205 at 47c
Tanami Gold: sold 4,990 at 3.3c
Sky City: sold 245 at $2.22
Ale Property group: sold 132 at $2.41c
IMX Resources: sold 727 at 23c
Integrated Legal: sold 1,390 at 16c
Hexima Ltd: sold 490 at 40c
Eircom Holdings: sold 160 at $1.08
Contango Microcap: sold 328 at 83c
CSG Ltd: sold 300 at 87.5c
Coffey International: sold 112 at $2.03
Cromwell Group: sold 407 at 57.5c
Cardno Ltd: sold 57 at $3.30
Contango Capital: sold 586 at 35c
Bougainville Copper: sold 348 at 67c
Advanced Share Registry: sold 1,306 at 21c
Ramsay Healthcare: bought 46 at $11.04
Panoramic Resources: bought 211 at $2.37

June 2

Peet Ltd: sold 500 at $1.53
IMF: sold 290 at $1.79
Bathurst Resources: bought 5,953 at 8.4c
Leighton Holdings: bought 21 at $24.38

June 1

Ampella Mining: bought 1,320 at 38c
Connect East: sold 206 at 28.5c
Fantastic Holdings: sold 115 at $2.45
Fleetwood Corp: sold 46 at $6.47
Hunter Hall: sold 515 at 67c
Illuka Resources: sold 113 at $3.15
Lincoln Minerals: sold 6,000 at 11c
Macquarie Countrywide: sold 147 at 46.5c
Macquarie Group: sold 11 at $34.37
McPherson's: sold 125 at $1.35
NRW Holdings: sold 86 at 94c
Sky City Casino: bought 1700 in SPP at $2.03
Sky City Casinos: sold 1,500 at $2.17
Spark Infrastructure: sold 456 at $1.125
SP Ausnet: sold 414 at 78.5c
SP Ausnet: sold 535 at 78c
Sun Resources:
bought 6,770 at 7.4c
Technology One: sold 410 at 76.5c
Telecom Corp: sold 106 at $2.01
Virgin Blue: sold 145 at 29c

May 29

Ausenco: bought 140 at $3.60

May 28
Dexus Property Group: bought 6,154 in entitlement offer at 65c
Dexus Property Group: sold 6,400 at 72c
STW Communications: bought 10,869 in entitlement offer at 52.6c
STW Communications: sold 11,000 at 52.6c

May 27
GUD Holdings: sold 2,442 at $6.15
Lincoln Minerals: sold 40,000 at 9.9c
Macquarie Group: bought 16 at $31.75

May 26
Australian Ethical: sold $21.50 at 7c
AP Eagers:
sold 33 at $7
Babcock & Brown Japan: sold 641 at 29.5c
Count Financial: sold 145 at $1.23
Equity Trustees: sold 12 at $13.10
Lincoln Minerals: sold 9,400 at 9.5c
Lycopodium: sold 120 at $1.35
Mirvac Real Estate: sold 390 at 29c
Mac Services: sold 142 at $1.14
Maxitrans Industries: sold 853 at 22c
Otto Energy: bought 6,500 at 7.8

That's all for now, thanks for getting to the bottom and do send through some feedback to

We'll be back in touch next week.

Do ya best, Stephen Mayne

* The Mayne Report is a multi-media governance website published by Stephen Mayne with occasional email editions. To unsubscribe from the emails click here.