Our journalism usually sits behind a paywall, but we believe this is the time to make more of our content freely available to as many readers as possible. For more free coverage, sign up to COVID-19 Watch.

forgiving souls, Brazin shareholders.

Majority stakeholder Brett Blundy has cost them millions in poorly thought out deals
and diversifications, and yet no-one has been game to tell him to sell his 59%
stake and stop hindering the company.

absence of any shareholder lynching shows what a complacent lot they are,
especially the big super funds who merely vote by selling, rather than tackling
the management and the board.

And they’re about to be tested further. Yesterday, this statement
was released to the ASX announcing the “orderly exit” of
Brazin from the continuing non-performing brands of Ghetto and Insane.

was bought from Blundy by the company back in 2003 – the purchase endorsed by an independent expert, whose report now joins that long list of similar statements
from “experts” who didn’t know what they were talking about. It’s amazing reading!

years on and Ghetto, a consistent loss-maker, is to be downsized and sold off – to whom, though, Brazin seems not to know.

As for Insane, it
was just that – a mad attempt at diversification that failed on Blundy’s watch as director in
charge of development.

Total cost of the Ghetto and Insane experiments: think around $20
million, then raise it to include the losses in the six months to June
that haven’t been disclosed.

Meanwhile, the share price at close yesterday languished at $1.80 – the shareholders of Brazin are a forgiving lot.

Peter Fray

This crisis will cut hard and deep but one day it will be over.

What will be left? What do you want to be left?

I know what I want to see: I want to see a thriving, independent and robust Australian-owned news media. I want to see governments, authorities and those with power held to account. I want to see the media held to account too.

Demand for what we do is running high. Thank you. You can help us even more by encouraging others to subscribe — or by subscribing yourself if you haven’t already done so.

If you like what we do, please subscribe.

Peter Fray
Editor-In-Chief of Crikey

Support us today