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| Monday, May 18, 12:53:07pm | [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, [4], 5, 6, 7, 8, 9, 10 ] |
| Subject: Fogarty paints rosy picture at last ERG 27/11 | |
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Author: For you Jeannie.------Steve. |
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Date Posted: Wednesday, November 26, 09:07:12am In reply to: Lamb chops all the way. 's message, "Yes I'm lamb chopping my way through this whole ERG experience" on Saturday, July 26, 08:32:09pm Fogarty paints rosy picture at last ERG 27/11 By Neale Prior PETER FOGARTY might not be walking the walk anymore, but he showed at his last annual meeting as the chief executive of ERG that he can still talk the talk. It was almost back to the grand days of 1999-2000 yesterday as Mr Fogarty told ERG shareholders that the horror days for their company were over and it could be profitable as early as this financial year. What's more, Mr Fogarty tipped profits would flow in 2004-05 and 2005-06 as the company enjoyed the full benefit of $892 million in public transport ticketing and system operating and maintenance contracts. His speech notes were virtually ignored as he explained the Powerpoint slides flashing across the screen, giving hope of surging smartcard revenue over the next 15 years and a good cut of $1 billion in new contract opportunities over the next 12 months. When the flawless presentation ended, Mr Fogarty hobbled from the podium back to his chair in a reminder of why he will be stepping down as chief executive in early January. He has several months of intensive physiotherapy ahead of him in the wake of a tractor-sized mower at his Jarrahdale vineyard tipping over and smashing his left hip and leg three months ago. Announcing his resignation last month, he said his serious injuries and the therapy demands made it difficult to give everything to his job and impossible to maintain the heavy travel necessary to run an international company. Some market watchers had expected Mr Fogarty to leave after finalising a restructure earlier this year in which $250 million of crippling convertible note debt was swapped for equity. The deal gave entities linked to Sydney-based fund manager Duncan Saville about 29 per cent of ERG and coincided with a board restructure that saw long-standing ERG directors and Fogarty supporters Mick Bolto, Sandy Murdoch and Greg Crew depart. Mr Saville became a director, and Transfield Services deputy chairman Tony Shepherd moved on to the board, then promptly replaced Mr Murdoch as chairman in a clear changing of the guard. The ERG board has recruited Switzerland-based Australian executive Allan Sullivan, now with Siemens, to take over from Mr Fogarty. Mr Shepherd said Mr Fogarty had led changes that gave the company financial health and a strong outlook. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| I'm lamb choppin it---on a timescale--with the dismissal--November 11 1975 (NT) | basically---but 23/10/03----121---stop up---------Stevo. | Monday, January 05, 08:17:00pm |