Two Saints (former Saints) punting on a different path ...
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Two Saints (former Saints) punting on a different path ...
Courtesy www.westofmoorabbin.com and The Age
http://www.theage.com.au/news/business/ ... erent-path
Mark Hawthorne
October 6, 2007
PROBLEM children. Rod Butterss and Glen Casey know a bit about them.
Butterss' problem child was the St Kilda Football Club, perennial underachiever of AFL football. In his six years as president, Butterss helped to put the Saints' books in the black, and watched the club play in two preliminary finals, but he departed this week amid a bitter boardroom spill.
Casey's problem child has been Nylex, owner of some of the most famous brands in Australian manufacturing. He spent 11 years restructuring Nylex, rising to chief executive. In that time he endured a series of credit crises, mergers and acquisitions.
Casey retired last year, saying that he was "tired" from taking care of his corporate problem child, and that he wanted to spend some more time with his actual children.
Butterss and Casey, who met on the training track with St Kilda's under-19s in 1978, have formed Transition Group.
A suburban cricket club is an odd place to start a corporate profile, but Bentleigh ANA is nestled in Melbourne's south-eastern suburbs — the heartland of St Kilda's fan base.
Many players are paid-up, card-carrying members of the Saints. It's the perfect crowd to ask a simple question about Rod Butterss: what does the former president do for a living?
With rival fans, such a question would be met with derision. Few Carlton fans haven't heard of Richard Pratt, or his Visy Industries empire.
Western Bulldogs boss David Smorgon runs the eponymous steel company. Geelong's Frank Costa sells produce. Collingwood's Eddie McGuire is, famously, "Eddie everywhere".
At Bentleigh ANA, the question about Butterss is met with silence. They know that new president, Gregorys Transport owner Greg Westaway is "in trucking", but not one can say what the club's president of six years ever did for a living.
"Isn't he a property developer?" answers one.
"He runs Transition. Isn't that in IT?" says another.
Butterss leans back in his kitchen chair and smiles when he hears the story. "One, we've only been going for 18 months," he says. "Two, we don't go out selling ourselves."
Put simply, Transition Group helps corporate problem children. It's also the basket into which Butterss and Casey, who both resigned from St Kilda's board this week, will put their proverbial eggs.
The principals are Butterss, Casey and finance specialist Rob Savage, formerly of Nylex and Cadbury Schweppes.
Richmond Football Club president Gary March also smiles when told few people know what Butterss does for a living. "I could be facetious now, but I won't," he quips.
March operates one of Transition Group's problem children, the listed sports merchandising company Concept Sports, and does not shy away from its woes.
After listing at 50¢ in 2004, Concept's share price plunged as low as 1.6¢ last year.
March called Butterss, who he had met through football, and Casey for help. "What do they do? They are experts in restructuring businesses, in setting the direction," says March.
"They came in, analysed what our strengths and weaknesses were as a company. Most importantly, they identified exactly what we were doing wrong, and came up with a plan to get us back on track."
But such help doesn't come free. Butterss Management Services took an equity stake in Concept Sports, buying 2.5 million shares late last year. He has 2.08 per cent of the company, and is now the 10th largest shareholder.
Concept shares are now 6.5¢.
March says he also pays Transition Group a management fee, for the services of Casey and Savage. He says he has been happy with the advice, particularly on his recent acquisition of Kea Designer Sportswear, and has extended the relationship to March.
"Glen and Rod Savage have guided us on acquisitions, notably Kea," he says. "We have several other acquisitions on the cards and they will be central to those decisions. There are a few other things to get right but, once that's done, I can't see us continuing with Transition past the end of the financial year."
Butterss says the deal typifies Transition's work. "We come in as an equity partner, help with financing, put in a structure to fix the business, and then move on to the next project," he says. "We don't ever want to get bogged down with one company."
It's a similar story from listed medical equipment company Medivac. Former chairman Paul McPherson, who remains a non-executive director, says the company called on Transition Group last year when Medivac looked like going to the wall.
"Three factors are crucial to any company," Casey says. "Cost, volume and price. Get those right and you have a sustainable business. That's what we're doing with Medivac"
Transition Group took a stake in Medivac, which has since done a reverse takeover deal with Diakyne, which injected another $1.1 million into the company.
"Transition provided funding when traditional sources wouldn't have been interested," McPherson says. "Rob Savage came in to be our CFO on a part-time basis. We wouldn't afford to have a $300,000-a-year CFO, but he guided the important parts of our financing structure and system."
Back at Bentleigh ANA, one of the players is St Kilda FC historian Russell Holmesby. He is one of the few who can vaguely recall Butterss and Casey as football players. They were markedly different. Butterss was flashier, and fast. As a runner he competed in nine Stawell Gift meets, winning a prestigious back marker event.
Casey was bigger, slower, a defender — but the better player. "He played reserves and a couple of pre-season matches," Holmesby says.
Different players, with different personalities, but to this day the pair complement each other. "I would never call them an odd couple, but they have different skills sets," says March. "Glen has worked in major listed companies. He is very strategic, he understands the operational side of businesses and has set us on the right path again.
"Rod is different. He's an entrepreneur, sees the big picture. I can see them working very well together."
The biggest transition for the pair is now under way — life post-St Kilda, and post-Nylex.
No doubt they'll do it together.
http://www.theage.com.au/news/business/ ... erent-path
Mark Hawthorne
October 6, 2007
PROBLEM children. Rod Butterss and Glen Casey know a bit about them.
Butterss' problem child was the St Kilda Football Club, perennial underachiever of AFL football. In his six years as president, Butterss helped to put the Saints' books in the black, and watched the club play in two preliminary finals, but he departed this week amid a bitter boardroom spill.
Casey's problem child has been Nylex, owner of some of the most famous brands in Australian manufacturing. He spent 11 years restructuring Nylex, rising to chief executive. In that time he endured a series of credit crises, mergers and acquisitions.
Casey retired last year, saying that he was "tired" from taking care of his corporate problem child, and that he wanted to spend some more time with his actual children.
Butterss and Casey, who met on the training track with St Kilda's under-19s in 1978, have formed Transition Group.
A suburban cricket club is an odd place to start a corporate profile, but Bentleigh ANA is nestled in Melbourne's south-eastern suburbs — the heartland of St Kilda's fan base.
Many players are paid-up, card-carrying members of the Saints. It's the perfect crowd to ask a simple question about Rod Butterss: what does the former president do for a living?
With rival fans, such a question would be met with derision. Few Carlton fans haven't heard of Richard Pratt, or his Visy Industries empire.
Western Bulldogs boss David Smorgon runs the eponymous steel company. Geelong's Frank Costa sells produce. Collingwood's Eddie McGuire is, famously, "Eddie everywhere".
At Bentleigh ANA, the question about Butterss is met with silence. They know that new president, Gregorys Transport owner Greg Westaway is "in trucking", but not one can say what the club's president of six years ever did for a living.
"Isn't he a property developer?" answers one.
"He runs Transition. Isn't that in IT?" says another.
Butterss leans back in his kitchen chair and smiles when he hears the story. "One, we've only been going for 18 months," he says. "Two, we don't go out selling ourselves."
Put simply, Transition Group helps corporate problem children. It's also the basket into which Butterss and Casey, who both resigned from St Kilda's board this week, will put their proverbial eggs.
The principals are Butterss, Casey and finance specialist Rob Savage, formerly of Nylex and Cadbury Schweppes.
Richmond Football Club president Gary March also smiles when told few people know what Butterss does for a living. "I could be facetious now, but I won't," he quips.
March operates one of Transition Group's problem children, the listed sports merchandising company Concept Sports, and does not shy away from its woes.
After listing at 50¢ in 2004, Concept's share price plunged as low as 1.6¢ last year.
March called Butterss, who he had met through football, and Casey for help. "What do they do? They are experts in restructuring businesses, in setting the direction," says March.
"They came in, analysed what our strengths and weaknesses were as a company. Most importantly, they identified exactly what we were doing wrong, and came up with a plan to get us back on track."
But such help doesn't come free. Butterss Management Services took an equity stake in Concept Sports, buying 2.5 million shares late last year. He has 2.08 per cent of the company, and is now the 10th largest shareholder.
Concept shares are now 6.5¢.
March says he also pays Transition Group a management fee, for the services of Casey and Savage. He says he has been happy with the advice, particularly on his recent acquisition of Kea Designer Sportswear, and has extended the relationship to March.
"Glen and Rod Savage have guided us on acquisitions, notably Kea," he says. "We have several other acquisitions on the cards and they will be central to those decisions. There are a few other things to get right but, once that's done, I can't see us continuing with Transition past the end of the financial year."
Butterss says the deal typifies Transition's work. "We come in as an equity partner, help with financing, put in a structure to fix the business, and then move on to the next project," he says. "We don't ever want to get bogged down with one company."
It's a similar story from listed medical equipment company Medivac. Former chairman Paul McPherson, who remains a non-executive director, says the company called on Transition Group last year when Medivac looked like going to the wall.
"Three factors are crucial to any company," Casey says. "Cost, volume and price. Get those right and you have a sustainable business. That's what we're doing with Medivac"
Transition Group took a stake in Medivac, which has since done a reverse takeover deal with Diakyne, which injected another $1.1 million into the company.
"Transition provided funding when traditional sources wouldn't have been interested," McPherson says. "Rob Savage came in to be our CFO on a part-time basis. We wouldn't afford to have a $300,000-a-year CFO, but he guided the important parts of our financing structure and system."
Back at Bentleigh ANA, one of the players is St Kilda FC historian Russell Holmesby. He is one of the few who can vaguely recall Butterss and Casey as football players. They were markedly different. Butterss was flashier, and fast. As a runner he competed in nine Stawell Gift meets, winning a prestigious back marker event.
Casey was bigger, slower, a defender — but the better player. "He played reserves and a couple of pre-season matches," Holmesby says.
Different players, with different personalities, but to this day the pair complement each other. "I would never call them an odd couple, but they have different skills sets," says March. "Glen has worked in major listed companies. He is very strategic, he understands the operational side of businesses and has set us on the right path again.
"Rod is different. He's an entrepreneur, sees the big picture. I can see them working very well together."
The biggest transition for the pair is now under way — life post-St Kilda, and post-Nylex.
No doubt they'll do it together.
They should only play AFL games now when it's raining. Slow games of footy are so much better to watch.
- saintsRrising
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Yes an interesting read OWTS,,,and I chuckled a bit when I read it this morning and remembered the many of this forum who dismissed RB's business expertise writing him off as only knowing about IT recruitment...and some even saying that it was only due to inherited money...
Obviously if you are going to specialise in turning failed or failing companies around you are going to have to be very switched on business wise rather than just being "lucky"...
He certainly turned the finacially failing Saints around.
Obviously if you are going to specialise in turning failed or failing companies around you are going to have to be very switched on business wise rather than just being "lucky"...
He certainly turned the finacially failing Saints around.
Flying the World in comfort thanks to FF Points....
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I think RB is providing more of the finance for this venture and Casey more of the skills. But no doubting RB is switched on.
I wish I could remember the story of how he first made his money ... someone told me once, and it was quite interesting. I only remember sketchy details, so I don't want to speculate.
I wish I could remember the story of how he first made his money ... someone told me once, and it was quite interesting. I only remember sketchy details, so I don't want to speculate.
They should only play AFL games now when it's raining. Slow games of footy are so much better to watch.
- Snakeman66
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Re: Two Saints (former Saints) punting on a different path .
But knowing when to move on!!!!!!!!!!!!!!!!!!!!!!!!!!!!Oh When the Saints wrote: put in a structure to fix the business, and then move on to the next project.
![Very Happy :D](./images/smilies/icon_biggrin.gif)
![Very Happy :D](./images/smilies/icon_biggrin.gif)
![Very Happy :D](./images/smilies/icon_biggrin.gif)
![Very Happy :D](./images/smilies/icon_biggrin.gif)
![Very Happy :D](./images/smilies/icon_biggrin.gif)
![Very Happy :D](./images/smilies/icon_biggrin.gif)
![Very Happy :D](./images/smilies/icon_biggrin.gif)
![Very Happy :D](./images/smilies/icon_biggrin.gif)
![Very Happy :D](./images/smilies/icon_biggrin.gif)
Don't dwell on the past.
Look to the future.
Look to the future.
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I saw article and looked at the stock exchange web site , and concept sports ( butterss, casey, Plympton, ex Stk CFO james van beek , and kellett's wife all involved), shares gone up from 2.0 cents to 6.5 cents last friday, but since they got involved with medivac in late 06 , medivac shares were 7.5cents on 21 may 07 and have plummeted to 1.6 cents last friday...some people would be happy , and others pretty unhappy
- saintsRrising
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go on, speculate, say what you think you heard....it's a forum, your not swearing an oath at court remember!Oh When the Saints wrote:I think RB is providing more of the finance for this venture and Casey more of the skills. But no doubting RB is switched on.
I wish I could remember the story of how he first made his money ... someone told me once, and it was quite interesting. I only remember sketchy details, so I don't want to speculate.
Isn't the story something to do with an IT company and selling out at the peak of the 2001 dot com boom???
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Yes I know generally what it was about.saintsRrising wrote:I think this may have been in creating an IT recruitment company....Oh When the Saints wrote:
I wish I could remember the story of how he first made his money ... .
My memory is quite sketchy ... I believe he was in the business as an employee, before something happened to the owner and he brought the business out with a partner.
This is where it gets vague - there was something about his partner snaring a big deal, and then Rod brought him out, spent a few years with the company booming and then sold at the right time, before everyone else went bust.
That's all I remember. Not sure how accurate it is though. Someone should be able to fill us in.
They should only play AFL games now when it's raining. Slow games of footy are so much better to watch.
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Enough white anting unless you want to become like B4Eva and Teflon with GT. It doesn't win credibility. The share price for any troubled company is always extremely speculative. It is what is happening on the inside which counts and you cannot get that from your stock exchange search lol.4theluvoftheclub wrote:I saw article and looked at the stock exchange web site , and concept sports ( butterss, casey, Plympton, ex Stk CFO james van beek , and kellett's wife all involved), shares gone up from 2.0 cents to 6.5 cents last friday, but since they got involved with medivac in late 06 , medivac shares were 7.5cents on 21 may 07 and have plummeted to 1.6 cents last friday...some people would be happy , and others pretty unhappy
If Butterss put money into the Company its a big bonus for the Company and all shareholders. Whether it can be turned around is another matter but at least now medivac has a chance. Judge them on Medivac's share price in say 2 years to give the turnaround a chance ... before hand is nonsense
![Twisted Evil :twisted:](./images/smilies/icon_twisted.gif)
The unhappy ones should be glad medivac hasn't ended up under the control of administrators.
Believe or burn but do not prematurely judge.