DVG sale crash not a pretty sight

The extent of the ugly sales collapse at Perth car dealer DVG Automotive has been laid bare in filings belatedly lodged with the corporate regulator.

DVG’s Japanese owner, IDOM, has already disclosed DVG’s fall into the red on lower sales in its own yendenominated filings.

The numbers don’t look any better in Aussie dollars.

DVG parent Buick Holdings’ 2016-17 financial report shows the auto group fell to an $8.4 million loss in the year to February 28, 2017, on revenue of just $378.8 million.

In its last full year before the seven Divirgilio brothers sold 67 per cent of DVG to IDOM for $121 million in September 2015, DVG made $4.6 million on revenue of $632 million.

Little wonder the now IDOM-managed group attacked its costs with such urgency last year, cutting nearly 100 jobs and revamping management.

DVG is now back in the black and riding an emerging recovery in car sales in WA.

SAGE ADVICE?

Tony Sage’s Cape Lambert Resources is suing Deloitte for “incorrect tax treatment” following the company’s stoush with the Australian Taxation Office, which was settled back in 2014.

A writ issued in the Supreme Court last week has made five claims against the big four firm, claiming it gave Cape Lambert a bum steer in terms of its tax obligations on a series of transactions between 2009 and 2014.

Cape Lambert is claiming “damages for negligence”.

Cape Lambert has engaged the law firm of veteran corporate brawler Martin Bennett to represent it. Cape Lambert fell foul of the ATO back in 2012 over a disputed $96 million tax bill.

It took the company two years to settle the matter, initially with a $33.3 million payment to the ATO in 2012 and a further $2.4 million payment in 2014.

DO STOP ME NOW

A noise complaint by a rock concertgoer seems a bit unusual. Billionaire Andrew Forrest being the apparent target of the unhappiness is even stranger.

Observers saw Forrest rocking out on Tuesday night at The Queen + Adam Lambert musical, light show and graphic extravaganza at Perth Arena.

The Fortescue Metals Group chairman was said to have led some enthusiastic dancing from the corporate box of his family-funded Minderoo Foundation. Not content with insisting his own guests rise and jiggle, Forrest urged others in neighbouring boxes to follow suit.

Not all punters were happy, however, with at least one complaint received claiming loud and unruly behaviour from one of the boxes.

MUM’S THE WORD

A boy’s best friend is his mother, goes one saying. And that appeared to be the case when the corporate regulator’s operatives tried to break former Antares Energy boss James Cruickshank’s mother when they called on her at home in Peppermint Grove in the hope of serving papers on her son.

The encounter between mum and Australian Securities and Investments Commission’s Vincent Gineste and a colleague identified only as “Ms Lim” was detailed in an affidavit filed with the Federal Court last week.

Ms Lim: Is James here?

Mother: No, he’s not here and I don’t know where he is. He’s not staying here.

Ms Lim: Is he in Perth?

Mother: Yes. I have spoken to him and passed on your message and contact details.

Ms Lim: Do you know where he’s staying?

Mother: No and I don’t have to tell you anything.

Mr Geneste: Yesterday you told us that he would be staying with you.

Mother: I don’t know where he’s staying in Perth.

Fortunately for mum and ASIC’s troops, the court has ruled that ASIC can effectively serve Cruickshank by posting and emailing the paperwork to him in the US.

ASIC wants the former Australian Army officer fined and banned as a company director, alleging he and Antares breached disclosure rules with a September 2015 stock exchange announcement trumpeting a deal to sell two oil and gas permits for more than $US250 million.

GREEN APPEAL

The WA Conservation Council is taking its fight against Cameco’s proposed Yeelirrie uranium mine, 420km north-west of Kalgoorlie, to the Court of Appeal.

Last month, the green group lost a Supreme Court appeal against the environmental approval for the mine issued in the final days of the Barnett government.

CCWA director Piers Verstegen said allowing the Supreme Court’s interpretation of the law to go unchallenged would be bad for the environment and bad for democracy.

HASHTAG HEAVEN

Perth’s biggest social media conference, State of Social, was launched this week.

Organised by Meg Coffey, who founded social media networking group #SMPerth, the hashtag-strewn event will be held at Optus Stadium on June 26.

The three major topics of influence, behaviour and innovation will be put under the microscope and about 500 of WA’s communicators, marketers and business owners are expected to take part in the event.

Visit stateofsocial.com.au for more information.

with Sean Smith, Stuart McKinnon

and Helen Shield