Grant Fenn's Downer EDI may have closed its bid for the hapless Spotless Group, but there is plenty of life in this old dog yet.
Downer did not reach the magical 90 per cent threshold that would have allowed it to mop up the tail end of investor holdouts such as Coltrane Asset Management - and other dissidents such as former Australian of the Year Simon McKeon.
That's right, the group's remaining independent director is still refusing to sell his shares to the Downer boys. And boy is he rubbing their noses in it.
Since the Downer bid closed last month, McKeon has cheekily waded in and bought shares on two occasions. He acquired 200,000 shares for a tad less than Downer's $1.15 bid price just days after the offer closed on August 27.
And McKeon was at it again this week, adding another 100,000 shares to his portfolio at $1.08.
The former Olympic sailor is not one to toe the line. Just look at the way he decided to step down as AMP's chairman due to "a change in my circumstances" with no further explanation.
Can't you just see McKeon having fun with his fellow Spotless board members at the next meeting with games like: Put your hand up if you own Spotless shares.
Nobody else on the board does, of course.
Pay up
Richard Goyder quite understandably ruled the roost at Wesfarmers (in pay terms) in his last full year in charge of the conglomerate with remuneration of more than $12 million.
But it does not mean that those further back in the pay pack do not deserve a mention. Retiring chief number cruncherTerry Bowen took out second spot with remuneration totalling $6.68 million.
Interestingly, there was no special parting gift for former Bunnings bossJohn Gillam, who stepped down in December.
Base pay accounted for most of his $1.6 million of remuneration for the five and a bit months he worked last year. It can only mean that the consulting gig he has with Wesfarmers must be worth a mint.
It might not be a complete reflection of what Gillam took home, though.
CBD took a careful look at the "other benefits" column of the remuneration table. This column includes the "retention incentive", which gives the lucky recipients nine months' pay for hanging around.
The annual report says this is "payable on termination of employment" for Bowen, Gillam, and the group's Kmart boss, Guy Russo, when he decides to hit the exit.
It says these amounts - which would total millions of dollars - were earned in 2010 but payment is not due until these executives cease employment with the group.
The report says such payments do not constitute a termination benefit - which might explain why there was nothing in this column for Gillam.
Even more interesting is the fact that last year's pay packet for CEO-in-waiting Rob Scott included a $975,000 retention incentive entitlement, which was paid in April.
Classy action
Speaking of Spotless. Class action case management hearings would be a woefully dull affair if it weren't for Justice Bernard Murphy.
A silver fox of the Federal Court, Justice Murphy knows his way around class actions having long been at Maurice Blackburn before his appointment to the bench in 2011.
And he's become a sheriff of shenanigans by both sides of the bar.
So on Tuesday he had little patience for a push by lawyers for catering company and class action defendant Spotless to remove allegations from the claim brought against Spotless by shareholders.
Justice Murphy told the court he had seen defendant lawyers use strike-out applications to push a case out into the never-never.
"You're unlikely to be successful so let's get on with the case. I'd get on with the case. It just seems to me there's not much point to it at the moment," Justice Murphy sad.
"This is 101 class actions, you force amendments ... it's a waste of time and a waste of money.
"I think there will be plenty of other occasions to delay this case. I'd rather get on a sensible train," he said.
But before anyone suggests Justice Murphy is dyed-in-the-wool class action lawyer barracker, he also shared his disappointment over the heavy redaction of the funding agreement between the class action firms running the combined claim from Slater and Gordon and William Roberts Lawyers.
The redactions included the hourly rates of lawyers.
"Why is this confidential?" Justice Murphy asked incredulously. "I've never seen this before".
The good justice has given Spotless two weeks to consider if it wants to pursue the application, while the shareholders' lawyers are fixing up those redactions quick smart.
The case continues.
Follow CBD on Twitter. Got a tip? ckruger@fairfaxmedia.com.au
