Azure view for Poynton crew

It was a case of spot the difference from the old Poynton Partners when Azure Capital opened its doors for business on Monday.

Apart from the new name and an office eight floors above the old one in Exchange Plaza, just about everything at Azure says Poynton.

The three equal shareholders, John Poynton, Mark Barnaba and Geoff Rasmussen, all have a large P stamped on their foreheads – as do the two junior members of the team, Ben Lisle and Simon Price.

There will even be a cameo appearance from Edward Tait, the former Macquarie Bank State manager who has obviously become bored with running a bed and breakfast (upmarket division) in Margaret River. He will not have the P-brand, preferring to run his own boutique wealth management business with back-up services courtesy of Azure.

Like the old merchant banking Poynton firm, which was sold to a South African technology group four years ago in what must rate as the worst deal of the decade (for the buyer), Azure will make its name as a specialist provider of advice on mergers and acquisitions, asset sales, takeover defence and management buyouts.

If pre-opening orders are a guide, the last thing the boys will have to worry about is the flow of business with nine "mandates" clogging up the Azure in tray from kick off.

Not many new businesses can say that they have about 50 per cent of their annual budgeted revenue lined up even before anyone officially knows they’re in business.

Azure, of course, is different. In the small Perth business community the desire of Poynton and Barnaba to get back to being masters of their own destiny has been one of the worst kept secrets. The only real question was whether Poynton would succumb to the temptation to help save his old family stockbroking firm of Hartley Poynton, now trading under the truly ridiculous name of Hartleys.

Profit margins in the broking world are, however, much too thin for people with the skills and ambitions of the team at Azure. And it is always possible that another well-heeled buyer might appear in the future and give the boys a second big pay day, which would justify one translation of the Azure name which can either mean sky blue or (according to the Oxford Dictionary) "the unclouded vault of heaven". Amazing what moving up to the 33rd floor can do to your view of the world.

No-one at Azure is talking about the past four years under South African ownership though it is obvious that the transfer of corporate culture from Johannesburg to Perth was a complete disaster.

For $50 million the South Africans acquired a strongly performing merchant bank in Poynton Partners and then proceeded to drive it into the ground.

The hierarchical, autocratic, master-knows-best approach was totally unacceptable in the free-wheeling Perth style where even the garbage man gets treated as an equal – or better if he can kick a footy, or swing a golf club.

Smiling inwardly (because it would be bad manners to gloat) are Poynton and Barnaba who got the lion’s share of the $50 million, though they then suffered the humiliation of watching their firm trashed.

For a year or two, the Poynton/Barnaba duo copped a load of nonsense from the new owners (wouldn’t you for $50 million) until one famous table-thumping incident when the locals lashed back and the foreigners almost popped a fuse at the sight and sound of the hired help biting back.

Free of the golden handcuffs which kept them around for four years and after negotiating a variation of assorted non-compete clauses, the Azure team have been busy designing brochures, reorganising car parks and making sure the coffee crew at the Aroma cafe outside the front door at Exchange Plaza know about the change.

Apart from all that it’s a case of back to the future. Poynton and Barnaba are free to prowl the terrace, with a special eye on deals valued between $50 million and $500 million – a bit low for Deutsche or Macquarie, but sweet nevertheless.

At the same time, Tait will be reorganising his affairs to see whether the name still cuts the mustard with the richies of Perth in need of a bit of counselling. All he needs now is a new suit to replace the outdoor gear which looks like it’s become a little too comfortable. The obscenely healthy tan can stay.

Speaking of local businesses that have an eye on greatness it is worth reporting that Palandri Wines has had a sober first month on the Alternative Investment Market) of the London Stock Exchange.

According to data provided by the LSE, Palandri opened for trading on June 29 at the encouraging price of 33.5 pence a share (about 83.75 cents using a 0.4 exchange rate).

From that auspicious start for the Margaret River winery, which has chosen to list in London before giving the locals a chance to vote with their dollars, it has been somewhat of a roller-coaster.

Trading volumes are not disclosed but by July 14 the price had slipped to 25 pence, a rather disturbing 25.3 per cent price cut over about 12 trading days.

Buyers must have then entered the market because Palandri’s share price popped back up to 31 pence by July 21.

However, when Briefcase last looked it was hovering around 29 pence.

Like everyone in the wine game, where a glut of good reds and whites has been a delight for drinkers and hell for makers, Palandri will be hoping that it can successfully develop its European marketing strategy and deliver a profit to beat last financial year’s pre-tax earnings of $3.36 million from sales of $38 million.

"When you say you agree to a thing in principle, you mean that you have not the slightest intention of carrying it out in practice." Otto von Bismarck