The smart money might finally get its reward at the company which claims it is “leading the science of brain fitness” – Brain Resource.
The company has just raised $7 million and added five new addiction treatment centres in the US to its My BrainSolutions program which claims to “manage cravings and build new habits for sober living”.
It also claims to be the first brain health product to attract clients from the US Fortune 500, including American Express.
No wonder it expects to generate $1 million in revenue for the financial year just ended – just 13 years after making its debut as a listed company. The stock has risen in that time from its IPO price of 25c to 33c on Friday.
Until now, the company’s main claim to fame was that it was the only listed entity to pique the interest of former PM Paul Keating.
He joined the board just as the tech route was gathering steam in 2001 and, boy, were they overjoyed.
Brain’s executive chairman Evian Gordon described Mr Keating as “Australia’s smartest prime minister in history”.
And to keep the 10 investors who showed up to its 2005 AGM entertained, he even cracked a joke about it.
“And as a point of humour I would also like to say that I think it’s befitting that Australia’s smartest prime minister in history should also be part of [the board of a company with] the first database of the human brain.”
CBD imagines our former PM would have cracked up at that one – if he had showed up, that is.
Keating treasured the Brain Resource experience so much he has refused to spoil it by joining the board of any other listed entity after resigning in 2011.
You can bank on excess
The quiet achiever among our Big Four, the Commonwealth Bank, has continued its clean sweep of the industry awards despite maintaining such a low profile recently.
The latest gong was for CBA’s CommInsure which was judged Life Insurance Company of the Year at the 11th annual Australian Insurance Industry Awards (AIIA) last week.
Highlights on the night would certainly have included a mention of Noel Stevens, who was advised to swap a rock solid life insurance policy for a CBA product. It was later rejected when he was diagnosed with terminal cancer.
Stevens survived long enough to beat the bank in court. Award-winning stuff indeed.
And from awards to rewards.
CBA boss Ian Narev banked some of his good fortune on Friday, converting $1.5 million worth of performance rights into shares, and donating another $422,000 worth of rights to charities.
The deluge of the reporting season meant CBD did not have time to attend the Freedman Jazz Fellowship finals concert last week which was won by Aaron Choulai.
The fellowships are funded by the Freedman Foundation which was conceived by veteran funds manager Laurence Freedman.
It is the sort of cause you can afford if you know when to enter, and exit, the Ten Network at the right time.
Freedman made his fortune as part of the group which plucked Ten from receivership in the 1990s and relaunched it as the most profitable free-to-air network in Australia.
The current billionaire shareholder base at Ten have tried something similar, but got stuck in reverse.
Not looking good
Elsmore Resources, one of the flotilla of pre-Christmas IPOs that have managed to navigate their way into contention for dud IPO of the year, has been forced to cancel the acquisition of a mining lease in NSW that was meant to help kickstart the business.
There is no need to explain why the acquisition, which was announced in January, has foundered.
In February Elsmore went into a trading halt while it “conducted a review of its financial position” when it realised most of the $2.2 million it raised in the float had gone missing.
They didn’t have to go far to find the culprits.
Board member Ashley Howard who is facing bankruptcy at the hands of the self-proclaimed Wolf of Wall Street – convicted fraudster Jordan Belfort.
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This story Administrator ready to work first appeared on Nanjing Night Net.