Move over Paul Hogan, shrimps are for wimps.
‘s biggest ASX-listed cattle group, n Agricultural Co (AACo), has recruited Jessica Rudd – daughter of our former PM Kevin Rudd – to help sell its branded beef strategy to China.
Ms Rudd has more to her CV than being the daughter of a Mandarin-speaking ex prime minister.
She runs her own business, Jessica’s Suitcase, which retails Aussie lifestyle products to China – including the Bubs goats milk infant formula backed by her hubby Albert Tse.
She is also the Australasian lifestyle ambassador for billionaire Jack Ma’s Alibaba, which was a major beneficiary of the $33 billion worth of sales generated by China’s annual Singles Day over the weekend.
In recent years, AACo has moved away from the bulk business of live cattle exports to focus on exports of its branded beef such as premium Wagyu steaks to cash in on the next wave of the China boom.
“Ms Rudd’s extensive marketing and digital experience will enhance the board’s skill base and bring an added dimension to board discussions given her generational perspective and deep understanding of markets, especially Asian markets,” said chairman Donald McGauchie – the man who recruited Sol Trujillo to run Telstra all those years ago. Milking it
There are other channels to market in China, of course, including daigou – the practice of local Chinese buying up goods that are in demand back in the middle kingdom and sending it home via, shall we say, less formal distribution channels.
In light of the daigou fever affecting our market, CBD thought it worth passing on some insights by a fund manager who got a first-hand look at a daigou supply chain operation in the western suburbs of Sydney for infant milk formula.
We are not talking tins being smuggled out in suitcases.
Daigou milk powder purchases are consolidated through five logistics operations. CBD was provided with pictures from the biggest daigou, which is operating out of a timber warehouse.
The picture shows pallets loaded with 500 tins of formula (saving on freight costs) with up to 70 of these pallets sent to China from this warehouse alone.
Flavour of the month is tins of A2 milk formula, which can be acquired locally for $26 but sell in China for up to $55 each with none of the import duty it is meant to attract.
With A2 Milk shares up 700 per cent in the past year, it is worth bearing in mind what would happen if it has a Bellamy’s moment. Euro Ten
It’s all over bar the shouting. The Ten Network has applied to delist from the ASX.
Ten’s shares are expected to be transferred to US broadcaster, CBS, by the end of this week after Ten’s investors failed to appeal against last week’s court decision.
“Ten seeks to be removed from the official list because the effect of completion of the share transfer is that there will be no quoted securities in Ten, and Ten will become a wholly-owned subsidiary of CBS Network Ten BV,” said the broadcaster.
The BV in CBS Network Ten BV indicates the failed commercial broadcaster will now be domiciled in the Netherlands, which is an interesting choice of home.
Maybe a domicile in the Cayman islands was a little too close to Bermudan resident – and soon-to-be ex Ten shareholder – Bruce Gordon.
The deed of company arrangement, which was approved by Ten’s creditors in September, named the locally incorporated CBS International Television Pty Ltd (CITA) as the likely recipient of the broadcaster’s shares.
CITA sells CBS’s programming to local TV stations such as Ten, reaping more than $86 million last year. The CBS programming deal with Ten was one of the significant factors in its collapse. No sex please
Retirement village operator, Aveo Group, was always going to have a fun time with investors at Tuesday’s AGM – after the hammering it has taken from Fairfax Media this year over the treatment of its customers.
The company was battered with a 15 per cent vote against its remuneration report. This was helped by the fact that chairman Seng Huang Lee was not allowed to vote Mulpha’s 22 per cent stake.
It also recorded a 17 per cent vote against the award of share rights to CEO Geoff Grady despite the fact that Lee was able to vote Mulpha’s stake on this resolution.
Grady is being gifted $362,000 worth of shares for hanging around until June 30 next year, and other shares subject to performance.
Lee batted off concerns that the group’s board had more lawyers and financial experts than people with actual retirement expertise, saying “with the recent negative publicity, it’s been good having legal expertise”.
Some joker also queried Lee about his thoughts on the same-sex marriage vote.
“We have no position on this issue,” he said.
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