Head of Mariner cut finally drifting

Anchors aweigh. Bill Ireland, founder of the Mariner. Illustration: John Shakespeare

Caught in the wreckage of the recent half-yearly results season was the announcement that the founder of the wreck of the SS Mariner Corporation, Bill Ireland, had finally jumped ship from his $ 525,000 a year.

Sailor, who was also recently recovered by the investment firm of Melbourne Stanfield funds management (which now holds a share of 20 per cent), announced the closure of the Sydney group liquidation and disposal of subsidiaries or that will not add value.

It seems that the only thing that Stanfield would hold up-if you can prove is technically continuing with business-130 million dollars of tax collected by Mariner losses.

Announcement: the story continues below

Ireland seems to have retained his old skill of the housing advertisements for the ASX well after their expiration date. Despite standing down as Director on February 18, Mariners only had the time of lodging the notice of interest of the Director of the Ireland final last Friday (one week at the end).

The warning said that Ireland had 42 million shares worth $ 336,000.

This is in spite of much of its share (based on previous measurements) to be held in the name of a company deregistered. Ireland last submitted a notice of substantial shareholder on April Fools ' Day, 2004. Stanfield boss and new CEO of the Mariner, Darren olney-Fraser, provided an update very optimistic on Friday, claiming the company had shown a substantial improvement in positive ' since the new management team took control of the Mariner in November last year.

MINOR SURGERY

Shareholders in Takoradi Limited have called in recent weeks if he ever heard from the Executive Chairman of mineral Explorer and former 1980s Flyer Rodney hudspeth.

It is now more than three months since the company has sold its stake in a South American ore Explorer to 3.35 million in cash and 160 million shares of companies listed on ASX mining Metminco, worth $ 64 million. In addition to this there were a further 35 million Metminco shares issued to settle a debt of $ 9.7 million had with his creditor Takoradi. Not bad for a company that was just $ 5 million, the last time sold in early 2009.

By the end of November, however, Takoradi has not provided any update on when plans to resume the negotiation or when it expected to submit his accounts for the last financial year.

But over the weekend that the CBD Hudspeth ensured good news was soon on his way. In what seemed to be the equivalent of a dog eats the excuse of homework, explained: ' delay Hudspeth really has revolved around getting the accounts of the company up to zero.

' Because [Takoradi] was off the plates for two years, it was really a matter of making sure that we got all the ducks in a row from the perspective of auditing. Auditors and accountants were very diligent as they should be. '

Hudspeth has also explained as January and February were difficult to obtain because of paperwork. ' A lot of guys professional tends to take holidays, ' said about the time after Christmas and new year's Eve. The boss Takoradi also noticed how he had done a lot of surgery society, making it sure is in good shape.

The company is ready to be relaunched as a highly appreciated and respected junior, ' said Hudspeth.

HOME TO ROOST

Annual biotech report that he used to have the former Coles Myer and Brambles chief executive John Fletcher as its non-Executive Director and the investor reads like a tale of woe.

Fluorotechnics Ltd, last week finally to publish its annual report for 12 months as at 30 June, two months after he was forced to issue shares and convertible notes to a group of outside investors to 3 ¢ a share (a slight discount to its listing price of $ 1 to the end of 2008).

The period covered by this report has been one of the initial high expectations for sales growth, ultimately followed by a sad realization that these sales expectations would not be met, '' said newly appointed President of fluorine, Richard trevillion, in the report.

Fluorotechnics, who recently wound down most of its international operations, reported a loss of $ 6.9 million for the year.

The company, which has had five capital increases from 2009, he was forced to sell his main activity for $ US150, 000 or about 1 percent of its implicit assessment ' of 16 million dollars.

' We have taken the difficult but necessary decision to cut costs, sell off the assets and la scala in general operations to conserve the resources of the company, ' said Trevillion.

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