Coffee couple loses Vic Park lease fight
A Perth couple with a struggling coffee franchise has learnt a tough business lesson after they took legal action that involved property developer Finbar Group, listed engineering company Monadelphous and commercial property agent Knight Frank.
Rashmi Nidagal and Shaun Tubic believed they had a great deal in August 2010 when they signed a seven-year lease for a Caffissimo franchise in the Gateway building in Victoria Park.
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Comments:
Has corporate governace been
Has corporate governace been upheld this case? Is the sub let of space leased to John Ribino's daughter been set at Markets rates and is there arms lenght in this dealing? Otherwise shareholders are footing the bill for his daughters profits.
Reason
It is simply another case of people in power favouring their own. Would the 'level 3 coffee service' have been established if the owner was not the chairmans daughter?
COFFEE LEASE FIGHT
I think Monadelphous need to inform their shareholders of the exact nature of the business arrangements it has with John Ribino's daughter and her coffee service. I also think property agent Frank Knight should have been aware of this other coffee service before they signed up Caffissimo.
BETA
Finbar Group (FRI)
Total Shareholder Return as at 30/06/2012
| 1 year TSR | 5 year TSR | ||
|---|---|---|---|
| 84th | Finbar Group | 20% | 15% |
| 101st | BWP Trust | 10% | 4% |
| 166th | Nomad Building Solutions | -10% | -46% |
| 224th | Euroz | -21% | -3% |
| 484th | Kresta Holdings | -58% | -8% |
680 WA listed companies ranked by 1 year TSR relative to WA companies with similar revenue
Shareholding
| John Chan | 23,361,700 | ||
| Darren Pateman | 2,265,170 | ||
| Kee K Loh | 2,000,900 | ||
| John Cheak | 483,073 | ||
| Edward Bank | 300,000 |
Number of shares
Share Transactions
Total value as at the date of the transaction
Revenue
| 46th |  | Nomad Building Solutions | $116.0m |
| 47th | | Kresta Holdings | $115.1m |
| 48th |  | Finbar Group | $114.9m |
| 49th | | BWP Trust | $102.1m |
| 50th |  | Euroz | $98.7m |
166 WA listed industrial companies ranked by revenue
Remuneration from Finbar Group
| 123rd | Edward Bank | $908k |
| 160th | John Chan | $791k |
| 175th | Darren Pateman | $768k |
Ranked by total remuneration from all listed WA companies
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