Brian Gaynor: Chaotic year throws fortunes to the wind

COMMENT

This has been a vintage year - not a dull moment since day one.

Graeme Hart got richer and richer, while Stephen Tindall and Rod Duke saw their fortunes decline.

Henry van der Heyden received a pat on the back when he imported Andrew Ferrier from Canada, but Roderick Deane was severely criticised when he invited Lindsay Pyne back from Thailand.

Paul Little of Toll Holdings used every trick in the book to gain control of Tranz Rail, but Grant Samuel and an intransigent core of shareholders had the last laugh.

Does anyone know what Rubicon did in 2003?

Colin Beyer tried to hang on at Tower but he succumbed to the steely determination of GPG's Tony Gibbs and Bruce Sheppard of the Shareholders Association.

Mark Weldon of the New Zealand Exchange went from strength to strength, but the Securities Commission continued to impersonate Rip Van Winkle.

Promina hit a soggy market, but took off when investors realised it was one of the bargains of the year.

Residential housing got hotter and hotter, but the listed property sector is still a dog.

Does anyone know why Michael Andrews is still on the Fletcher Challenge Forests and Rubicon boards?

Baycorp Advantage hit the skids and a number of fund managers had egg all over their faces.

Judge Judith Potter demonstrated plenty of common sense, but the Court of Appeal showed it was living in the dark ages when it reversed her Perry Corporation/Rubicon/GPG decision.

Does anyone know who set the issue price for 42 Below's initial public offering? Does he or she still have a job?

Trans Tasman Properties is still the worst-performing medium to large listed company, but Fletcher Challenge Forests is quickly closing the gap in second place.

Eric Watson went to England and got the better of Russell Crowe and then decided to take on Powerhouse.

John Fairfax looked at the Herald and realised there was big money in New Zealand newspapers.

Tranz Rail's Wayne Collins tried to take on Standard & Poor's but he was knocked out in the first round and immediately dropped from the squad.

Lloyd Morrison and Infratil came a cropper on Tranz Rail, but everything else they touched turned to gold.

Morrison's old mate Ray Thompson had a permanent smile as his Wellington Drive Technologies finally gained some traction.

Does anyone know why Wayne Collins took on Standard & Poor's?

INL sold its newspaper interests but failed in its bid to acquire full control of Sky Network Television, even though Theresa Gattung did everything she could to help out.

Air New Zealand went from strength to strength yet Ralph Norris continued to argue that it would end up in the knacker's yard if the proposed alliance with Qantas did not proceed.

Ian Andrews finally nailed Trevor Mason, formerly of Wilson Neill.

Robin Congreve and Colin Reynolds returned to the sharemarket but ING Property Trust has struggled to hold its $1 issue price.

Does anyone know whether Fletcher Challenge Forests is a buyer or a seller of forest estates?

How many special meetings did Affco hold in 2003?

Cliff Cook and Metlifecare went from strength to strength, while Stuart Johnston and GDC Communications could only dream of a $5.11 share price in 2000.

The final corporate battle of the year will be between Tru-Test chairman Robin Congreve and angry institutional shareholders.

Mark Hotchin and Eric Watson took on Tony Gibbs over Tower but showed they had a great deal to learn when it comes to big-time corporate battles.

How many new finance companies were established in 2003?

Does anyone know why Telecom appointed Lindsay Pyne to its board?

Brokers bailed out of the New Zealand Exchange at rock-bottom prices when the exchange listed on its own market.

Guinness Peat Group demonstrated a complete lack of interest in corporate governance issues and sensible remuneration packages for directors.

Hellaby Holdings, with its modest overheads, traded at a premium to net asset backing whereas Guinness Peat Group, which makes huge payments to directors, continued to trade at a discount to net asset backing.

Mark Weldon lamented the one that got away when the National Bank went to ANZ in a trade sale.

Does anyone know why Eric Watson purchased Powerhouse?

The Hodge family brought Urbus Properties to the sharemarket but the new company failed to ignite.

Auckland International Airport went from strength and strength while Auckland Mayor John Banks rued the sale of 39 million airport shares at $4.90 each.

Capital notes continued to be the rage, although investors are beginning to show more caution towards these low-quality securities.

Ralph Norris continued to be beaten up by the New Zealand Commerce Commission and Australian Competition and Consumer Commission but he kept rebounding for more punishment. Was he a boxer in his youth?

Does anyone know why GPG's six directors received $11.1 million last year?

Barrie Downey and John Hart of Sky Network Television are the country's best independent directors.

Why was Brent King of Dorchester Pacific so enthusiastic about 42 Below?

Contact Energy has gone from zero to hero as far as the Shareholders Association is concerned.

When it comes to consistent solid performances, one can't go past the two Fisher & Paykel companies.

Bill Falconer had a great year at Hellaby Holdings but Restaurant Brands continues to give him problems.

Craig Norgate waved goodbye to Fonterra and then made two attempts to obtain a significant shareholding in Wrightson.

Is the New Zealand Takeovers Panel the best run takeovers panel in the world?

Telecom is still paying only a 20c dividend and won't say when it will return to the pre-AAPT acquisition payout of 46c a share.

The Warehouse floundered in Australia but Ralph Waters and Fletcher Building have demonstrated that Australia doesn't have to be a graveyard for New Zealand companies.

Does anyone know what the Securities Commission did in 2003?

SK Foods finally acquired Cedenco but it had to raise its offer twice before it reached 100 per cent.

Why doesn't the NZ Rugby Union or a New Zealand listed company snap up John O'Neill when he steps down from the Australian Rugby Union? Does anyone still believe rugby is only a sport?

Graeme Wong of Southern Capital/Hirequip finally decided to focus and the sharemarket stood up and took notice.

Alan Bollard of the Reserve Bank spent the year saying, 'Will I or won't I?'

Does anyone know what Evan Christian is up to these days?

Paul Little frustrated Mainfreight's attempt to take over Owens, and as a result Don Braid ended up running both companies.

Why did the Court of Appeal decide there wasn't sufficient public interest to warrant the Perry Corporation/Rubicon/GPG case going to the Privy Council when there has never been more interest in a commercial decision?

Michael Stiassny finally struck a deal for the Central North Island Forest Partnership assets and Citic, the Chinese Government investment group, was not involved. And finally; Will 2004 be as exciting and as rewarding for investors as 2003?

* Email Brian Gaynor