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Speaker 1: Today on Fear and Greed. One of the market darlings

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Speaker 1: of recent years, Wise Tech Global is in crisis after

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Speaker 1: four independent directors, including the chair, resigned over differences around

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Speaker 1: founder and former CEO Richard White. Post interest rate polls

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Speaker 1: suggest opposition leader Peter Dutton has a chance of forming government,

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Speaker 1: and petrol and diesel sales in Australia hit record levels,

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Speaker 1: plus perpetual walks away from a two point two billion

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Speaker 1: dollar bid from private equity group KKR and plenty of

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Speaker 1: earnings results. Welcome to Fear and Greed. Daily business news

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Speaker 1: for people who make their own decisions. It is Tuesday,

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Speaker 1: the twenty fifth of February twenty twenty five. I'm Michael

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Speaker 1: Thompson and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael Shawn.

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Speaker 1: The main story this morning, wise Tech Global, one of

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Speaker 1: the best performing stocks of recent years, is in crisis

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Speaker 1: at the moment, with four directors resigning yesterday and plenty

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Speaker 1: of unanswered ess around founder and major sharehold at Richard White.

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Speaker 2: One of the four was the chairman, Richard Damer, also

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Speaker 2: going Lisa Brock, Michael Malone and Fiona pac Poy. The

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Speaker 2: statement that came out yesterday for an ASX listed company.

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Speaker 2: Was pretty remarkable, I'll quote it. The reason they resigned

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Speaker 2: followed intractable differences in the board and differing views around

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Speaker 2: the ongoing role of the founder and founding CEO, Richard White.

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Speaker 2: Pretty clear what the problem here is not helping the company.

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Speaker 2: Yesterday was a downgrade to the earnings outlook thanks to

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Speaker 2: delays in three new products. Weistec had halted its share

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Speaker 2: price at trading its share price last Thursday. When it

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Speaker 2: reopened yesterday, it tumbled twenty percent and stayed that way

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Speaker 2: all day, so it actually finished the day down twenty percent. Tricky.

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Speaker 2: The one this Richard White, is worth about sixteen and

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Speaker 2: a half billion dollars. He founded the group back in

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Speaker 2: nineteen ninety four. Last year, there were a number of

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Speaker 2: alligations involving former partners of mister White, one in which

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Speaker 2: he allegedly bought a seven million dollar home waterfront home

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Speaker 2: in Melbourne. Then earlier this month, nine Media reported three

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Speaker 2: women and come forward with allegations involving mister White. He

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Speaker 2: was forced to stand down as CEO last October. Then

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Speaker 2: it emerged that he got a one million dollar consultancy

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Speaker 2: reporting to the board. Now we find out that he

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Speaker 2: hasn't actually signed that deal, and whatever's going on inside

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Speaker 2: that boardroom is clearly very heated because you have a

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Speaker 2: very very powerful person in there who has been shunted aside,

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Speaker 2: and now you've got four directors resigning. Fascinating.

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Speaker 1: Yeah, and I was always very curious, wasn't it that

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Speaker 1: that deal had not yet been signed. Clearly there's been

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Speaker 1: a lot of discussions being taken place behind closed doors. Overall,

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Speaker 1: that was a very very dramatic day, Right, that's probably

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Speaker 1: an understand but really you've got four directors, all independent,

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Speaker 1: resigning from a board on mass Have you ever seen

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Speaker 1: anything like this?

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Speaker 2: No? Not for independent? Well no, I can't recall ever

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Speaker 2: seeing for independent directors resign. The fact that they're independent

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Speaker 2: means that the ones on the board now are tied

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Speaker 2: to Richard White or to the company in some way,

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Speaker 2: and that's really significant. I mean, they announced that consultancy

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Speaker 2: deal in October last year's a ten year deal. Still

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Speaker 2: hasn't been signed. What's going on there? White himself owns

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Speaker 2: thirty eight percent of the company. He's been running up

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Speaker 2: for thirty one years. Incredibly successful, but I think it's

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Speaker 2: very hard to push like that someone aside. I wonder

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Speaker 2: whether they can't. I mean that might be the issue here.

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Speaker 2: It's been four months that they've been looking for a

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Speaker 2: new CEO. Still haven't found one. Not an easy gig.

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Speaker 2: Could you imagine having Richard White as a consultant sitting

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Speaker 2: out of the top of you I don't think so.

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Speaker 2: The results are out TOMORROWI sec GLO results throughout tomorrow.

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Speaker 2: Richard White should be front and center in that. It'll

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Speaker 2: just be interesting to see how he goes. The board

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Speaker 2: has also done an internal board review into White's behavior.

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Speaker 2: We haven't seen that they'll be under pressure to release

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Speaker 2: that as well. It's just fascinating. Not often do you

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Speaker 2: see a company self implode like this one.

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Speaker 1: So twenty percent yesterday for wires Tech. I imagine that

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Speaker 1: would have hit the Tech index? What about the broader

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Speaker 1: a local market.

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Speaker 2: It actually wasn't too bad. Today. The SNPA SX two

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Speaker 2: hundred closed up slightly about zero point one percent to

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Speaker 2: eight thousand, three hundred and eight points. It had fallen

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Speaker 2: earlier in the day, then climb back. The Tech index

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Speaker 2: tumbled as you suggested, on the back of the Wystech

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Speaker 2: global announcement. Utilities did best, but the bank's bounced. Remember

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Speaker 2: last week they fell off about eight or nine percent

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Speaker 2: across the broad financials. Well, yes, they come off back, National,

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Speaker 2: Australia Bank and z were all up two percent or more.

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Speaker 2: A few earnings worth mentioned always worth a mention, but

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Speaker 2: I love the first one. It's fast fashioned jewelry chain.

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Speaker 2: Levisa announced to jump in sales and earning to December half.

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Speaker 2: The result was under expectations at share price closed down

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Speaker 2: four percent, But I reckon this has to be the

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Speaker 2: fact of the week. And it's Tuesday.

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Speaker 1: That's a big call. It's so early, but go on.

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Speaker 2: That company, Levisa now has nine hundred and forty three

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Speaker 2: stores in forty nine markets. That's a lot. Last year

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Speaker 2: it opened stores in Cope Devor. I can't say it,

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Speaker 2: the Ivory case, Cope Devoir, Coatee devoir. Thank you really,

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Speaker 2: Kate Devoire. In the Republic of Congo, what in Panama?

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Speaker 1: If I'm so glad that you didn't do what you

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Speaker 1: normally do, which is kind of asked me that as

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Speaker 1: a trivia question, because I would never ever have guessed

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Speaker 1: the Republic of Congo.

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Speaker 2: Ever, yeah, Cape deire either no.

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Speaker 1: No, I wouldn't have thought that they were kind of

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Speaker 1: the typical target market for the visa.

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Speaker 2: You get miners going into some of those African countries,

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Speaker 2: but I don't know many non miners doing it. No

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Speaker 2: very cool gas pipeline Johane i APA it reported as well,

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Speaker 2: jumping revenue and underlying profit. Share price was up. What

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Speaker 2: was interesting out of that one it say it's going

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Speaker 2: to expand its East Coast gas grid to allow for

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Speaker 2: a twenty four percent increase in the volume of gas

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Speaker 2: pipe south from Queensland. There's a big squeeze on in

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Speaker 2: Victoria at the moment around LNG and so what APA

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Speaker 2: hopes to do is pipe more down from Queensland. A

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Speaker 2: few others near Beholdings posted a fall and first half profit,

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Speaker 2: but its share price jumped twelve percent. Rees a longtime

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Speaker 2: favorite analysts, Plumbing Group, tumble thirteen percent after its disappointed

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Speaker 2: new extrapped eight percent off. The company increased its half

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Speaker 2: year losses. The other one that was worth watching yesterday

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Speaker 2: was Domain, so we know that there's a takeover Costar

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Speaker 2: is trying to buy Domain. We'll find out more today

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Speaker 2: when nine reports, but Domain held on to its forty

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Speaker 2: percent games of last Friday, so it was flat yesterday.

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Speaker 2: That suggests that analysts investors think this is in play.

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Speaker 2: We haven't heard from nine Entertainment about Domain nine one

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Speaker 2: sixty percent of domain yet. We will today, but clearly

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Speaker 2: endless expect this deal is going to get done.

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Speaker 1: Actually really exciting. It's great seeing this kind of thing.

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Speaker 1: So anyway, stick around for the afternoon report this afternoon,

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Speaker 1: we'll see what's come of that. Also stick around after

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Speaker 1: this show because we've got an interview coming up today

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Speaker 1: with the co CEO of Guzman Egomet, Stephen Marks.

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Speaker 2: So Stephen's still very confident about the role out of

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Speaker 2: new restaurants in Australia. He's very frank about the challenges

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Speaker 2: of building a brand and the very crowded US market.

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Speaker 2: A real enthusiast, a real optimist, not unlike Don May

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Speaker 2: in his original days. I would say Don May, the

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Speaker 2: Domino's guy. He's enthusiastic now. Guzman Egomez its hare price

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Speaker 2: after the results came out fell fort episent on Friday,

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Speaker 2: another seven percent yesterday, so I'm not sure their investors

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Speaker 2: are quite as as excited as Steven is. But he

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Speaker 2: goes through why he thinks it'll be as success. It's

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Speaker 2: a great chat.

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Speaker 1: Yeah, it really is. It comes as part of our

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Speaker 1: partnership with Osby's, the country's leading provider of live and

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Speaker 1: on demand video of the latest news in Australian business, markets,

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Speaker 1: economy and startups. Sign up for free at Osby's dot

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Speaker 1: com today. You I just love in the middle of

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Speaker 1: this interview where Steven Marks actually sledges oldel passo. You've

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Speaker 1: never heard somebody so passionate and so enthusiastic about the

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Speaker 1: industry that he is in. I love it. It is

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Speaker 1: a really good listen. So stick arout is coming up

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Speaker 1: a bit later on. We've got a lot more to cover.

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Speaker 1: We're talking polls, good news for the Coalition Sean, peak

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Speaker 1: demand for petrol and diesel. That's a fascinating story and

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Speaker 1: a very intriguing one involving at Lassian's billionaire co founder.

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Speaker 1: Much more to come. We'll we're back in a moment

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Speaker 1: with the rest of the day's business news Sean. The

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Speaker 1: Coalition has opened up a fifty two to forty eight

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Speaker 1: percent lead in the polls on a two party preferred basis,

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Speaker 1: although Prime Minister Anthony Abernesi's personal approval rating has improved.

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Speaker 2: That's according to the finn Review fresh Water Strategy poll.

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Speaker 2: An election, of course, is due in the next couple

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Speaker 2: of months. Calling that election is likely in the next

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Speaker 2: couple of weeks. According to the finn this is the

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Speaker 2: first poll taken after last week's interest raight cut. The

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Speaker 2: swing away from labor since the last election is about

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Speaker 2: four point one percentage points if that occurred across the country,

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Speaker 2: which is unlikely. This is a pole of one thousand,

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Speaker 2: forty eight people, so you can't say it's going to

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Speaker 2: be the same swinging across the country. But if it

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Speaker 2: did happen the coalition actually could form government, that would

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Speaker 2: be enough for them to take seventy six seats. Freshwater

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Speaker 2: Strategy has done a little bit more work. It suggests

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Speaker 2: the outcome of the upcoming pole. It's Coalition at seventy

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Speaker 2: ALP at sixty seven and thirteen very powerful crossbenches, so

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Speaker 2: you need seventy six to form government in this country.

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Speaker 2: The Greens will have some, so you're kind of looking

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Speaker 2: at the coalition and ALP slash Greens at about the

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Speaker 2: same number, and then some teals and independents who will

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Speaker 2: hold a lot of power. Albinizi's net approval rating came

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Speaker 2: in at minus eleven percent doesn't sound good, but it's

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Speaker 2: better than what it was done with minus eight percent,

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Speaker 2: which means he's better than Albinizi, and as preferred PM,

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Speaker 2: Albinizi remains ahead of Dutton forty five to forty three percent.

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Speaker 1: What do you make of these poles now? Do you

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Speaker 1: take poles of the grain of salt now? Because you

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Speaker 1: look at what's happened in the US and just say,

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Speaker 1: as recently as last year with Donald Trump and Karmala Harris,

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Speaker 1: which was tipped to be very very very close, and

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Speaker 1: in the end it was it was a landslide out

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Speaker 1: and it was a landslide to Donald Trump. Do you

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Speaker 1: take poles like this now with a grain of salt.

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Speaker 2: I think you've always taken poles to the grain of salt.

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Speaker 2: But everyone looks at them. I'm sure that the Coalition

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Speaker 2: and the ALP looks at the AFR freshwater pole, looks

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Speaker 2: at the OSS pole and says the trend, the trend

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Speaker 2: is your friend. Michael Will have discussed this and economics NonStop,

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Speaker 2: and same in polling. The trend is your friend, and

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Speaker 2: the trend is away from the government at the moment.

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Speaker 1: Okay, all right, now a Perpetual Sean has walked away

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Speaker 1: from its two point one eight billion dollar breakup deal

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Speaker 1: with KKR after rejecting the private equity giant's last stitch

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Speaker 1: offer to get the transaction over the line.

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Speaker 2: Ah, this has been painful. It's been going on for

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Speaker 2: a long long time. Perpetual said it had terminated the

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Speaker 2: scheme of arrangement after the parties were unable to meet

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Speaker 2: on price to salvage the deal for its wealth and

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Speaker 2: corporate trust units. This was a done deal, it really was.

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Speaker 2: They were locked in negotiations, and then the Tax Office

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Speaker 2: came out and said it would charge five hundred million

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Speaker 2: dollars like a five hundred million dollar tax bill on

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Speaker 2: the move to separate the businesses and remove any franking

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Speaker 2: benefit for shareholders. That totally scuppered the economics of the bid.

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Speaker 2: So the two parties, Perpetual and KKR, went back to

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Speaker 2: the drawing board. They can't get a deal done. This

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Speaker 2: Challenge is reporting that the parties explored alternative structures to

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Speaker 2: unlock value for shareholders, but KKR didn't come up from

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Speaker 2: its original two point one seventy five billion dollar bid.

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Speaker 2: Petual share price was down two percent yesterday, but it's

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Speaker 2: up sixteen percent this year. It's actually been really well

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Speaker 2: performed stop this year.

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Speaker 1: Shown this next story. I'm not easily surprised. Ah, actually,

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Speaker 1: yesday am I startled very easily. You just need to

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Speaker 1: kind of say something behind me and I'm fleeing across

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Speaker 1: the savannah. But demand for petrol and diesel in Australia

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Speaker 1: has hit a new all time high, which is not

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Speaker 1: what you would expect, right considering this massive, massive push

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Speaker 1: that we've seen by many consumers into electric vehicles.

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Speaker 2: Yes the chief executive e Vampole, Matt Halliday, made that

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Speaker 2: claim about petrol and diesel, as he conceded also that

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Speaker 2: the company is really struggling with a rollout of its

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Speaker 2: EV charging stations. His point was that people still want

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Speaker 2: petrol and diesel even though there's a lot more noise

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Speaker 2: about everything else. A few points out of that result. Yesterday,

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Speaker 2: Ampol's got twenty five EV charge sites. It's really struggling

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Speaker 2: to connect up to the grid to get green energy

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Speaker 2: and that's actually delaying the riolet out of these sites.

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Speaker 2: Empele itself reported a big drop in profit because its

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Speaker 2: litten oil refinery has slipped into loss now it supplies

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Speaker 2: about a quarter of tital transport fuel in Australia. What

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Speaker 2: mister Halliday said was the take up of evs in

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Speaker 2: Australia was flat declining in New Zealand, and he basically said, look,

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Speaker 2: the energy transition in Australia is going to be very

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Speaker 2: costly and challenging. Why just well, this prompts me to

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Speaker 2: think of something else because there was a story in

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Speaker 2: one of the overseas papers, I think was the Ft

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Speaker 2: and it talks about how car makers so General, Madis, Porsche, BMW, Mercedes,

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Speaker 2: they're all pushing into hybrids and upgraded internal combustion vehicles

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Speaker 2: engine vehicles. So last year, oh sorry, this year the

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Speaker 2: forecasts for hybrid launchers to rise by about forty three

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Speaker 2: percent to one hundred and sixteen wow, and internal combustion

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Speaker 2: engines would be down just a touch. But all these

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Speaker 2: big manufacturers are pushing in to hybrids.

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Speaker 1: If we'd had this conversation five years ago, it would

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Speaker 1: have said no, no, no, no evs the other way that

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Speaker 1: everyone is going. But no, it seems that we've kind

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Speaker 1: of veered off in the direction of hybrids.

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Speaker 2: Now in charging station is a really big problem and

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Speaker 2: the fact that it takes so long to charge something.

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Speaker 1: There you go, just a quick one. Sean, Australia's biggest

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Speaker 1: data center company, next DC, has announced larger losses than previously,

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Speaker 1: but it's going to reward its executives with big optioned packages.

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Speaker 1: This is interesting.

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Speaker 2: Yes, so seventeen data centers yesterday it provided announced it

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Speaker 2: would be providing one off incentive packages trying to keep talent.

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Speaker 2: So in this digital infrastructure world, you've got next DC,

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Speaker 2: but you're up against Amazon and Google and Microsoft and

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Speaker 2: air Trunk. Basically, the chief executive of next DC will

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Speaker 2: receive fifty million dollars in stocks if the share price

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Speaker 2: increases one hundred and twenty four percent by twenty thirty.

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Speaker 2: You'd hope that would be the case. There's about one

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Speaker 2: hundred million dollars for senior execs and managers. That's all

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Speaker 2: you have to do in that world when you're trying

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Speaker 2: to keep management.

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Speaker 1: We are in the wrong industry.

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Speaker 2: He had definitely in the wrong industry.

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Speaker 1: An eye open up. Billionaire at Lassian co founder Mike

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Speaker 1: Cannon Brooks Sean, this is fascinating, has accused his former

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Speaker 1: company secretary of secretly emailing confidential information about his private

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Speaker 1: companies to his estranged wife Annie canon Brooks.

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Speaker 2: Kevin Chew was terminated as secretary of Canon Brooks Services

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Speaker 2: earlier this month after the company alleged he used his

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Speaker 2: personal email to send documents belonging to the company to

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Speaker 2: any cannon Brooks and former chief financial officer Katherine Manuel.

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Speaker 2: In twenty twenty one, Chew was appointed company secretary of

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Speaker 2: Canon Brooks Services, the canon Brooks Foundation, Another and a

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Speaker 2: number of other entities, including an investment vehicle CBC Co,

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Speaker 2: through which the billionaire Mike cannonbrook holds investments, including his

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Speaker 2: stake in AGL Energy. Now CANM Brooks separated from Many

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Speaker 2: in twenty twenty three, she stepped down from the company

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Speaker 2: soon after. They've not finalized the division of their assets

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Speaker 2: to twenty four point four billion dollars. They've got to

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Speaker 2: split up. CANM Brooks is now pursuing Chew in the

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Speaker 2: Supreme Court in New South Wales to prevent him from

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Speaker 2: using or sharing any confidential information. Cheers lawyer said he's

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Speaker 2: client nies any wrongdoing, but a very difficult situation when

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Speaker 2: there's a divorce in the middle of it all. Yeah.

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Speaker 1: Absolutely. Turning to international news, now Sean and Germans have

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Speaker 1: voted for center right candidate Friedrich Merz to head the

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Speaker 1: country's parliament. He immediately promised to quote achieve independence from

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Speaker 1: the US.

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Speaker 2: The first big European election post Trump administration two point

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Speaker 2: zero Jeremy definitely shifted to the right. Merzy's Christian Democrats

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Speaker 2: came first with twenty eight point six percent of the

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Speaker 2: vote on Sunday, leading it needing at least one coalition

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Speaker 2: partner to secure working parliamentary majority. Germany's far right alternative

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Speaker 2: for Germany came its second highest ever vote share of

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Speaker 2: about twenty one percent. Within ours of the poll's closing,

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Speaker 2: Mergs declared that Germany had to fundamentally remake its security

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Speaker 2: arrangements and to end a decades decades long reliance on Washington.

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Speaker 2: Given the US President Donald Trump was largely indifferent to

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Speaker 2: Europe's fate.

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Speaker 1: All right, Sean. Up next is the Fear and Greed

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Speaker 1: Daily Interview. Our guest today is Stephen Marks, the co

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Speaker 1: CEO of GUZMANI Gomez. Comes courtesy of our partnership with Osby's.

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Speaker 1: It is a great interview just just to hear someone

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Speaker 1: who is so passionate about what he does very very

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Speaker 1: passionate about Mexican food. Sean, thank you very much.

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Speaker 2: Thanks Michael.

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Speaker 1: It is Tuesday, the twenty fifth of February twenty twenty five.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. Oh, Michael Thompson,

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Speaker 1: that was fear and greed. Have a great day.