Photon Group CEO promises: No more hubris
The battle-scarred Photon Group will “avoid the hubris in which acquisitions are celebrated as victories in themselves”, boss Jeremy Philips told shareholders today in what appeared to be a reference to the company’s culture under former chairman Tim Hughes.
Philips arrived at the company in April, and quickly found himself fighting to save it from a mountain of liabilities to the owners of businesses that it had bought.
The company’s time under Hughes – and former CEO Matt Bailey – was characterised by big parties and bold public statements as it made big deals to acquire agencies such as BMF, BWM, Naked Communications and the now defunct Bellamy Hayden.
To accompany its 2008 annual report, the company commissioned an address from Sam Kekovich, who fronts Meat & Livestock Australia’s Australia Day addresses which are created by Photon agency BMF.
but did the share price go up?
Pretty much flat so far today.
Cheers,
Tim – Mumbrella
I bought emitch shares c8 yearsago at 9 cents after they dropped from a high of $3.70 a year or so prior (and very much kick myself for not buying the same number again when they sank further to 2 cents). Have just traded these (as Mitchell shares) for approx 14 times their purchase price in cash and Aegis shares.
Have recently bought Photon shares at 7.5 cents and have every expectation that they have the potential to serve my super fund as positively as the Mitchell investment. Jeremy Philips’ statement reads like it is from a realist and a straight-talking leader. I don’t know him so he’s not the reason I bought the shares.
Matthew Melhuish is a very big part of the reason. He is one of this country’s greatest admen, who not only cocreated BMF and grew it to what it has become but has given unstintingly back to the industry in his past chairmanship of the AFA and in many other ways. He and the other contributing execs who have the brief to deliver a successful Photon again are the resource to make this happen and not just because the whole group has to be profitable to fund their adjusted and well-deserved earn-outs.
Confucius say: man on toilet should not flung dung….fair enough decision Photon.