Seven’s latest restructure opened with a picture from hit My Kitchen Rules. Photo: Supplied
杭州桑拿

Seven’s latest restructure opened with a picture from hit My Kitchen Rules. Photo: Supplied

Seven’s latest restructure opened with a picture from hit My Kitchen Rules. Photo: Supplied

You can’t accuse the Kerry Stokes’ Seven camp of not having a sense of humour.

The presentation for the latest restructure of the media group’s debt woes – which it inherited as a result of the previous Stokes-sponsored restructure – opened with a picture from Seven hit My Kitchen Rules.

As if it was not already clear who sets the rules around that joint.

Stokes’ media/mining/oil and gas/investment holding conglomerate, Seven Group, won’t be among the parties tipping up to $600 million cash into Seven West.

But it will maintain its 35 per cent stake by converting preference shares it received in the 2011 transaction that folded the Seven Network and Pacific Magazines into the listed vehicle that housed the West Australian newspaper (WAN).

“Today’s initiatives will resolve a complicated instrument Seven West Media has had in place  with (Seven Group) since 2011,” said Seven West director, David Evans, who heads the thoroughly independent committee assessing the transaction.

The 2011 complications also led to WAN, which is now Seven West, inherit $1.65 billion worth of debt which was tied to the Seven Network business it acquired.

Helping Evans oversee the proposal, at arms-length from the Stokes camp, is James Packer’s lieutenant – former Nine Network svengali, John Alexander.

Stokes’ non-billionaire fellow investors get to show what they think of the latest transaction, which has been deemed “not fair but reasonable” by the independent expert, in June.

Phone in

Catherine Livingstone was definitely wearing her Business Council of Australia hat at the National Press Club Wednesday.

In the audience listening to her president’s speech was BCA CEO, Jennifer Westacott.

Livingstone’s direct report at Telstra, David Thodey, was winding down his final days as the telco boss with a Singapore Sling at the island nation’s Grand Hyatt.

He was the headliner at a sold-out event for the Australian Chamber of Commerce, Singapore .

Back at the press club, fellow BCA board member, Qantas boss Alan Joyce, was also in the audience and in such a relaxed mood he even took questions from the press.

Hockey stick

It is hard to believe barely a year has passed since Joyce was forced to visit Canberra, begging bowl in hand, seeking help for the embattled airline which has since staged a Lazarus-like recovery without any help.

One of the men who turned him down that time, Treasurer Joe Hockey, was spotted taking out his budget frustrations on a little black ball Tuesday evening in Parliament House’s squash court.

Two reporters were “balls deep” in a game when we had to give the court up for Hockey.

It is part of the protocol at the “big house” that MPs and senators have right of way when it comes to the gym and pool and squash area.

Hockey was appreciative and asked the scribes where they were from.

“Fairfax”, was the answer.

“Ah,” said Hockey rolling his eyes.

Whodunit

As if the reputation of our financial planning industry was not low enough.

APN News & Media has added to the wealth industry’s list of crimes and misdemeanours in a reply to an ASX “please explain” notice on Wednesday inquiring why a change of director’s interest notice for Anne Templeman-Jones, was a week late.

“The APN shares were purchased on behalf of Anne Templeman-Jones (“the Director”) in a superannuation fund by a financial adviser. The director had instructed the financial adviser to inform her immediately if an APN share purchase was made,” said the media group’s mea culpa.

“The financial adviser did not follow this instruction and did not inform the director that APN shares had been purchased on her behalf within the required timeframe,” said APN.

At least her outcome was not as bad as former APN executive, Mark Jamieson, who took Westpac to court over the loss-making financial advice he had received from one of its advisers.

Earlier this month, Queensland’s Court of Appeal dismissed the bank’s appeal against the original judgement.

Bank Twitter

ANZ boss, Mike Smith, completed his digital initiation on Wednesday by joining Twitter with the line: Pleased to join Twitter and looking forward to contributing to the conversation.

CBD suspects he will not be offering any robust views about Anzac Day.

His Twitter profile offers us the news that he is an “International banker, Asia-phile, adopted Aussie. Passionate about our customers, diversity champion.”

The only wonder is that it took him this long to join Twitter.

More than a year has passed since he posted an article on Linkedin titled “How I became a social media believer and why banking’s future is digital”.

Total Recall

You can’t accuse data storage provider, Iron Mountain, of wasting time on creative code names when it came to prosecuting its successful $2.5 billion bid for Brambles spin-off, Recall.

Iron Mountain’s code name for the proposed transaction was, drum roll, Project Augusta.

Recall is based down the road in Georgia’s capital, Atlanta.

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