All Patrick employees who went to Pacific National when the joint venture was formed in 2002 were required to resign from Patrick and did not receive further options from Patrick, |
Everything we have learned about Toll in the last seven months has confirmed our belief that Toll has lower quality assets and a higher risk earnings profile. |
Far from being a serious bid to build an Asian-Pacific colossus, the bid is a crude maneuver to stop Patrick competing with Toll in Australia. Patrick doesn't need Toll. |
I did not know about, and certainly did not approve of, this arrangement, |
I don't think any progress has been made on that front. |
I imagine we'll start off with: Great opportunity to come into a dysfunctional organisation, work for two shareholders who are at each other's throats, expect to receive the occasional barrage of emails and the odd derogatory, blasphemous phone message, |
I suspect it might be a while getting a suitable candidate. |
I worry about those people (Toll) being in charge of $10 billion (combined) company, |
I'm obviously in touch with our shareholders, |
I'm pleased that we have been able to achieve this result for Patrick shareholders who may now choose to share in the benefits of the merged Toll and Patrick businesses. |
I'm talking about business ethics here, |
I've got a very poor opinion as it turns out now, because we've been stitched up in the transaction in relation to Pacific National, which has really broken down the trust that I would have in a business partner, |
If (Toll chief Paul) Little isn't prepared to face us in the boardroom, we have no option but to meet him in court, |
If you look at Toll as a business, it's a primarily a road-based, freight forwarding business, |
It would be more valuable to Patrick and Toll shareholders if (chief executive) Paul Little focused on an orderly break-up of Pacific National which is now deteriorating daily. |