http://www.xenu.net/
Kerry quote fails to impress James
By PETER GOSNELL
29nov02
IT can't be too often someone quotes Kerry Packer to James Packer.
It happened yesterday though, during a tense and at times technical annual
meeting of the Packer-backed financial services group, Challenger
International.
Not that it seemed different to any other annual meeting.
A couple of hundred mostly suited shareholders, lawyers, bankers and
auditors, filed peacefully into an auditorium in central Sydney yesterday.
The first indication that things weren't going to go according to the
program came when board members took their seats. Two directors were
missing - Packer senior and Ashok Jacob, himself a key lieutenant in the
Packer empire.
Emboldened perhaps by Packer senior's absence, one financially articulate
investor wasted no time asking the board why Challenger paid unfranked
dividends, which are liable to incur tax.
Investors prefer their dividends fully franked, and therefore tax exempt.
As an unusually surly James Packer stared stonily at him from his position
between directors James Service and Brenda Shanahan, the investor reminded
the board: "As Kerry Packer says, anyone who pays more tax than he needs to
is a bloody idiot!"
It drew a few nervous laughs from shareholders but the board acted as if
he'd uttered a blasphemy.
James Packer looked even more disgusted and passed the rest of the meeting
doing what he'd been doing from the beginning - staring silently ahead.
He did not offer a comment on any question or point raised during the
question period. And he made no apologies for attending only five of the
nine Challenger board meetings held over the financial year.
He didn't smile when the resolution to increase the amount of money
available to pay directors' fees by $500,000 was approved.
Nor did he acknowledge shareholders when they re-elected him.
The meeting ran its course and it was clear Packer junior wouldn't be
hanging around to chat with investors over a cup of tea or coffee and a
tuna toastie.
http://www.heraldsun.news.com.au/common/story_page/0,5478,5579703%255E664,00
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