Local Cubbie bids turned down

19 Sep, 2012 06:36 AM
Comments
14
 

AT LEAST a dozen rival parties have reportedly expressed an interest in Queensland's Cubbie Station cotton farm since it was sold to a Chinese-led consortium last month.

According to AAP, since the sale was approved, at least a dozen parties have approached the administrator of the property with rival offers, some from local businesses offering more money, Queensland lawyer James Loell told ABC radio's PM program.

The bids were rejected by the station's administrator, Mr Loell added.

He was told so in a conversation with Lachlan Edwards of Goldman Sachs, the investment firm negotiating the sale for the administrator.

"Lachlan Edwards rang me and I stated my business, told him I had a purchaser, a client who was extremely interested in purchasing Cubbie Station," he said.

"His words to me were to the effect that it was too late, they were in the final stages of negotiating a deal with the same parties that the treasurer had recently announced he'd given FIRB approval to."

"I said 'are you sure it's too late', and he said 'look, this has been going on for a long time'.

"'We've got to take the bird in the hand and they are the bird in the hand'."

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READER COMMENTS

Over The Hill
19/09/2012 7:34:39 AM

So where were all of these interested parties over the last three years that Cubby has been in administration? Missed a bargin now they want in...
Ian Mott
19/09/2012 9:12:54 AM

Wrong question OTH. Did the administrator even call for expressions of interest? Did they even bother to ascertain what price they would get if the potential market was expanded by the option of breaking it up into more affordable units? Do they have the faintest idea of the diseconomies of scale that impact an operation of that size?
Over The Hill
19/09/2012 11:45:18 AM

I Mott, What I was getting at is they have had 3 years to show an interest, sometimes you need to open your own doors and make the enquiry. Don't worry, I don't want it in foreign sovereign hands any more than any one else, but it's a bit rich to complain about not having a chance when the horse has bolted after 3 years.
Qlander
19/09/2012 1:26:26 PM

At the very least this points to some very poor marketing.If I sold a property, and after the sale results were published people started approaching saying they were interested. I think I would be suing the selling agent.
Jeff
19/09/2012 2:42:18 PM

The station was put out to international tender in 2009 that closed 30/9/09. http://www.abc.net.au/news/2009-0 8-17/water-sucking-cubbie-station -for-sale/1393224
John Niven
19/09/2012 5:08:30 PM

What commission was paid to whom ???
Bushie Bill
19/09/2012 7:37:51 PM

Good point, Qman. If you were a lender, wanting to protect your investment after three years, within the law, would you support the Moron Mutt approach or would you adopt a logical intelligent diametrically opposed point of view, where, through the Receivers, you would put your own millions owed first and MM's self-serving ideological irrelevant crap last? Yes or no will be a satisfactory response. Mutt, you will probably not understand any of this. That is ok; we understand. We understand you do not have a great appreciation about the real world beyond your farmgate and local front bar.
Qlander
20/09/2012 7:20:33 AM

Bushie Bill; 3 key words 'offering more money'. The best way to protect your millions is to put time and effort in to finding the option that returns the most money.
Ian Mott
20/09/2012 11:22:48 AM

Really BS Bill. I know where I studied business, and I know which corporates I worked for and which "blue chip" accounting and finance corporates I had as clients. So how about you? The initial evidence appears capable of establishing that the administrators have delivered less than best practice professional services to the existing owners and creditors. But if there is additional evidence to the contrary one would obviously welcome it.
Bushie Bill
20/09/2012 4:42:18 PM

Not a mention of time, capital, risk or requirements of the lenders from the break- up an sell low-brainers. Whose money is it? Why is it any of your business? What special information do you have that the lenders and Receiver are not privy to and what special skills do you have to justify your uninvited and irrelevant interference? Is it really simply about your unnatural and pathological hatred of all things Labor?
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