Despite its share price having dropped from $1.90 to just $0.63 over the past two years, the worthy board members of Fairfax Media last week declined to appoint the world's richest woman and arguably most successful businesswoman to its board.
Oh yes, she happens to be the owner of more shares in the company than any other share holder.
Adolf looks forward to further developments. Much popcorn required.
What brought all this on?
Oh, just some sloppy reporting by their NZ flagship the Dominion Post
According to the creatures at the DomPost, 500 NZ jobs are 'at risk' because an Australian company has entered into voluntary receivership.
The company, Hasties Ltd, specialises in a number of fields, the biggest of which is industrial refrigeration and associated servicing activities. Adolf has some news for the journos at the dieing DomPost.
The jobs will still be there if Hasties closes. Most likely pretty much the same people will be doing those jobs. The jobs don't disappear because the systems still need to be serviced. Alternative companies will snap up the Hastie employees who know their customers and their systems backwards.
Pity that doesn't lend itself to a doom laden headline.
Here's a question. How many jobs will be lost when Fairfax finally goes broke and throws in the towel?
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