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Performance the meter by which advisers are gauged

GRESHAM Advisory Partners appears to have a privileged position in the corporate advisory market.

Its major shareholder is Wesfarmers, one of the more acquisitive companies in Australia, and Gresham almost in-variably acts as Wesfarmers’ corporate adviser.

However, Wesfarmers’ managing director Michael Chaney maintains that Gresham wins its work on merit.

“We insist on using the best available, and they are just an outstanding group of people,” Mr Chaney said.

“INSTO magazine named them M&A House of the Year. That confirms their credentials.”

INSTO said Gresham was involved in 11 completed transactions last year.

Perth directors Michael Ashforth and Jenny Seabrook were involved in two of the biggest and most acclaimed transactions – advising Billiton on its $57 billion merger with BHP and Wesfarmers on its $3.1 billion takeover of Howard Smith. Gresham also advised Wesfarmers on the acquisition of Westrail’s freight business and the sale of its Bunnings forestry interests.

Mr Chaney said Wesfarmers was prepared to use other corporate advisers if they came up with ideas or offered better service.

He said Wesfarmers and Gresham often started working together at an early stage of many projects.

“Others bring ideas but we are usually working on them already,” Mr Chaney said.

Apart from its Wesfarmers work, recent highlights for Gresham’s Perth office include advising:

p Iluka Resources on the $40 million sale of Koba Tin;

p Croesus Mining on its $65 million merger with Central Norseman;

p Perth Radiology Centre on its $65 million sale; and

p Aurora Gold on its takeover defence. Performance the meter by which advisers are gauged

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Wesfarmers (WES)

Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 28/09/18

1 year TSR5 year TSR
87thSeven Group Holdings93%29%
246thWesfarmers27%10%
347thMonadelphous7%4%
596thAutomotive Holdings Group-30%-6%
789thRCR Tomlinson-67%-15%
739 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

27/09/18
$4k Issued
27/09/18
$13k Issued
27/09/18
$6k Issued
Total value as at the date of the transaction
Source: Morningstar

Revenue

1st-Wesfarmers$67,152.0m
2nd-Automotive Holdings Group$6,472.6m
3rd-Seven Group Holdings$3,411.5m
4th↑RCR Tomlinson$2,004.1m
5th-Monadelphous$1,742.2m
239 listed industrial companies ranked by revenue.
Source: Morningstar

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