Senate hearing - Wednesday

[Alison]

Yes, these are the financial statements I pored over and did my analysis on. I downloaded them all from ASIC’s website at a cost of about $38 per set. Bit annoyed that ASIC have now given them out for free! Lol

[Bakkies]

Still trying to find the Rebels financial reports from 2015/16 and 2016/17 as there is nothing lodged under MRRU and Imperium.

[Bakkies]

They returned the 388 Copy of Financial Accounts and Reports to the Committee.

18/05/2015 029272348
Financial Report Financial Report - Public Company Or Disclosing Entity (FR 2014) (388A)
33
$39.00 Select uncertified document
$58.00 Select certified document
6/02/2015 029103962
Financial Report Financial Report - Public Company Or Disclosing Entity (FR 2013) (388A)
32
$39.00 Select uncertified document
$58.00 Select certified document
28/06/2013 028485824
Financial Report Financial Report - Public Company Or Disclosing Entity (FR 2012) (388A)
34
$39.00 Select uncertified document
$58.00 Select certified document
3/07/2012 026467923
Financial Report Financial Report - Public Company Or Disclosing Entity (FR 2011) (388A)
36
$39.00 Select uncertified document
$58.00 Select certified document

[Alison]

The financial year end for the MRRU is 31 Dec so the 2017 accounts won’t have been prepared yet. But 2015 and 2016 certainly should have been by now. If you find them anywhere, give yourself a huge pat on the back because I have not been able to locate them anywhere despite MUCH searching!

The fact that ASIC didn’t provide them to the Senate suggests to me that they have not yet been filed. I’m sure that must be a breach of the rules but as I’m not an accountant or an expert in the Corporations Act I can’t say for sure. I guess it’s possible the MRRU figures were included in the Imperium Group’s accounts but I have not been able to find them anywhere either so can’t check!

[Bakkies]

Hansie or John Edwards should be able to confirm when financial reports have to be submitted. Their latest financial statements aren't showing up on the NZ Companies Office website.

Haven't been able to find any reports on the Rebels website.

[Jimmydubs]

Hansie or John Edwards should be able to confirm when financial reports have to be submitted. Their latest financial statements aren't showing up on the NZ Companies Office website.

Haven't been able to find any reports on the Rebels website.

3-4 months after the end of the financial year.
Not all companies have to lodge them but Im guessing MRRU would fall in the category of having to as they get public money.

[lou]

I think that once Cox took over and made MRRU a private company - PTY LTD, the financials will be hidden forever from us. This will include the June 2015 figures which was the turnover date since MRRU reports FYE Dec 31 each year. Not sure if VRU have moved to put MRRU back into LTD domain, of if they even have to, but since they had previously been LTD, see no reason why they cant.

[Jimmydubs]

OK. My points of interest:
1. ARU made $9 million profit in 2016 (page 117)...
2. The ARU still owned the Rebels IP in 2016 and presumably still do? Paid $1.3 million for it (in 2011 IIRC) and its still sitting as an intangible asset along with the forces. Doesnt mean anything this one - just interesting.
3. Just how much 'commercial expenses' the rebels had. When privately owned the first time $6mill+, when the ARU controlled them it was pared back to $4mil odd but still! Combined with admin it is mental.

4. Most of the services that the rabble provided to the ARU might be the super rugby team itself and the payment they are receiving is the super rugby distribution? 2013 - $3.7 million services rendered to ARU = $3.7 million distribution. 2014 - $5,986,404 services only $4 million distribution, can't see any numbers that obviously add up to the difference between the two or think what other services they could be rendering so that's still got me stumped. Why I think most is the distribution? Aside from the 2013 numbers lining up exactly the notes themselves aren't new information they just highlight something within the reported numbers, in this case that some of their income came from the ARU, so the moneys already in the table you just have to find where. Pure speculation but I'm guessing these notes dont appear when MRRU was privately held - as ARU and private MRRU arent related entities but an MRRU held by the VRU is a related entity to the ARU so the notes did go in?

Only positive thing I can see is that at least the board are putting in their pockets what they are worth. Under Hawker they regularly refused 90% of their fees and these days they donate it all to the ARF and charities.

[Bakkies]

I think that once Cox took over and made MRRU a private company - PTY LTD, the financials will be hidden forever from us. This will include the June 2015 figures which was the turnover date since MRRU reports FYE Dec 31 each year. Not sure if VRU have moved to put MRRU back into LTD domain, of if they even have to, but since they had previously been LTD, see no reason why they cant.

They will still have to lodge financials to a government entity as they pay tax and had shareholders.

[Bakkies]

OK. My points of interest:
1. ARU made $9 million profit in 2016 (page 117)...
2. The ARU still owned the Rebels IP in 2016 and presumably still do? Paid $1.3 million for it (in 2011 IIRC) and its still sitting as an intangible asset along with the forces. Doesnt mean anything this one - just interesting.
3. Just how much 'commercial expenses' the rebels had. When privately owned the first time $6mill+, when the ARU controlled them it was pared back to $4mil odd but still! Combined with admin it is mental.

4. Most of the services that the rabble provided to the ARU might be the super rugby team itself and the payment they are receiving is the super rugby distribution? 2013 - $3.7 million services rendered to ARU = $3.7 million distribution. 2014 - $5,986,404 services only $4 million distribution, can't see any numbers that obviously add up to the difference between the two or think what other services they could be rendering so that's still got me stumped. Why I think most is the distribution? Aside from the 2013 numbers lining up exactly the notes themselves aren't new information they just highlight something within the reported numbers, in this case that some of their income came from the ARU, so the moneys already in the table you just have to find where. Pure speculation but I'm guessing these notes dont appear when MRRU was privately held - as ARU and private MRRU arent related entities but an MRRU held by the VRU is a related entity to the ARU so the notes did go in?

Only positive thing I can see is that at least the board are putting in their pockets what they are worth. Under Hawker they regularly refused 90% of their fees and these days they donate it all to the ARF and charities.

They have used International Quarterback for services. Just a few lines get mentioned on each report about what they do.

I can't see how de Clyne can be on that low an income as he has been a far more hands on Chairman than his predecessors and bum chin Bill said they meet weekly to discuss the 'status of the game.'

I see from the older reports O'Neill was drawing significant incentives to his own salary.

[Alison]

They have used International Quarterback for services. Just a few lines get mentioned on each report about what they do.

I can't see how de Clyne can be on that low an income as he has been a far more hands on Chairman than his predecessors and bum chin Bill said they meet weekly to discuss the 'status of the game.'

I see from the older reports O'Neill was drawing significant incentives to his own salary.

When O’Neill left he took about $2million with him.

[Bakkies]

Yep should have been made to give it back like Fred the Shred from RBS. I see Pulver got a big pay rise in one of the reports.

[Jeansyjive]

They have used International Quarterback for services. Just a few lines get mentioned on each report about what they do.

.

Is that the company John Eales is involved with? Director or something similar?

I was hoping more light would be shined on that relationship in the senate enquiry.

[Bakkies]

Is that the company John Eales is involved with? Director or something similar?

I was hoping more light would be shined on that relationship in the senate enquiry.

Eales is the Managing Director of the organisation

[Perth Girl]

Is that the company John Eales is involved with? Director or something similar?

I was hoping more light would be shined on that relationship in the senate enquiry.

I have it on good authority that John Eales is no longer a Director for International Quarterback and the Company is not doing any work for the ARU now