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BatBoyd83

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  1. Centennial Asset Management's Matthew Kidman has joined a growing chorus of investors who are concerned Village Roadshow is failing to adhere to basic corporate governance standards and has called for the reappointment of executive talent firm Egon Zehnder to complete a search for a new chief executive. Village shareholders landed a significant victory last week, with Robert Kirby relinquishing his long-term grip on the chairman role, but some investors are concerned about the appointment of his son as chief executive to replace retiring boss Graham Burke at the end of the year and the fact the company has abandoned a planned process to fill the role before a search had began. Mr Kidman applauded the move for Village to appoint an independent chairman but said the board and new chairman should start the CEO search afresh, even if Clark Kirby, who was anointed on Thursday, ends up being the best candidate. Clark Kirby, the son of Village Roadshow director Robert Kirby, is taking over as CEO. "I hope there will be due process and they get a capable and strong chairperson because the board has some strong personalities that have been there for many years. I think it's really important the new chairperson isn't told who the new management is, that new chairperson should be intimately involved in selecting the new CEO," he said. Analysts noted Clark Kirby had been driving a turnaround in Village's theme parks after the company took a hit following the tragic accident at rival Ardent Leisure's Dreamworld, when four people died after a raft flipped on the Thunder River Rapids ride in 2016. The accident saw a dramatic downturn in theme park attendance on the Gold Coast. Advertisement However, Mr Kidman said the board and a new chairman needed more independence in selecting a new chief executive. "It is time the related-party appointments are dispensed with. A new independent chairperson needs to have fresh air to review and reset the business. The first step in that process is playing a substantial role in the selection of the new CEO once Graham Burke steps down at the end of the year." Clark Kirby's early appointment does have the support of major shareholder Vijay Vijendra Sethu, who owns 5.1 per cent of Village shares. "l am delighted to hear the Clark has been appointed as the CEO to replace Graham," he said. "Clark has proven his mettle with his impressive turnaround of the theme parks division and I look forward to seeing what he can do with the whole ship." Related Clark Kirby appointed Village CEO as family feud boils Max Mason Before last Thursday's board meeting, each member of Village's board of directors saw a letter pop into their email inboxes late on Wednesday night from Layon Asset Management managing director David Prescott with a list of demands to clean up the company and drive long-term shareholder value. At the top of that list was the removal of Robert Kirby as chairman, which Village's board bowed to after sustained pressure from a broad base of shareholders over the last 12 months. However, the board's election of Clark Kirby, Robert's son, as the new chief executive to take over from Graham Burke on January 1, 2020, has again raised eyebrows over corporate governance and related party appointments. Robert Kirby will remain on the board as an executive director, while departing chief executive Mr Burke will also serve on the board for a further three years. Corporate governance has been a major sticking point for investors who have been emboldened by the public spat between Robert Kirby and his brother John, who was stripped of his deputy chairman title on Thursday. John Kirby worked closely with his brother and Mr Burke until stepping down from an executive role in 2013. The three had long been criticised for their, at times, controversial use of their combined 42 per cent stake in the business. John Kirby began his campaign with investor banker David Kingston almost a year ago after three key events over the preceding three years: the suspension of dividends in 2016; shareholders being asked to tip into a $50 million capital raising; and the sale of Wet 'n' Wild Sydney at a substantial loss in last July. Related Time to end Village Roadshow's family feud Tony Boyd The Layon letter called on independent directors Tim Antonie – who has worked with Solomon Lew agitating for change at department store Myer – Jennifer Gambrell, and Robert Le Tat to push for stronger corporate governance, something Village has been repeatedly criticised for over multiple years. The letter also sought more independent directors, executive changes, a reduction in "obscene" corporate overhead spending and the sale of assets, deemed a distraction, to focus on the core Gold Coast theme parks and cinema business. Assets that would be unloaded could include overseas theme parks, Village's stake in loss-making film funding business VREG, US cinema chain iPic, and the company's London-based marketing services business. The only asset that seems to be on the chopping block at the moment is Wet 'n' Wild Las Vegas after the northern summer. The letter noted Village's Gold Coast theme parks, Wet 'n' Wild, Warner Bros Movie World and Sea World are highly cash generative and have a long economic life, believing the break-up value of the company is materially higher than where the share price sits today, even after the improvement of the past year. The letter suggests weak corporate governance has been a central issue that has hurt shareholders, and an independent chairman will help promote constructive relationships with the entire board, management and shareholders. It notes strong corporate governance is typically linked to better shareholder returns. Mr Kidman said he invested in the company because he believed Village had two strong assets: Gold Coast theme parks and cinemas, both of which were undervalued. However, he was not convinced any of the other assets would deliver good return on investment. "What I think creates the most value is to trim down to those two main assets. We know they're good assets," he said. Mr Kidman said capital expenditure surprises and large corporate overhead costs, particularly for a business the size of Village, were not acceptable for a public company. Together, the Kirby brothers and Mr Burke control about 42 per cent of Village Roadshow, through a combination of direct shareholdings and their ownership of Village Roadshow Corp, which speaks for 34 per cent of the ASX-listed company. They each own a third of Village Roadshow Corp. John Kirby cannot use the majority of his shares to vote for change because they are held in the private corporation, and he is out-voted by his brother and Mr Burke. Mr Kidman called for the Kirbys and Mr Burke to reassess the 34 per cent block held in the private vehicle Village Roadshow, which has been a big deterrent to new shareholders coming into the company because it has been used to block changes. https://www.afr.com/business/media-and-marketing/village-roadshow-s-feud-far-from-end-credits-20190616-p51y5e
  2. If you look at the Slides presented they classed as a Win the "Scooby Doo Spooky Coaster Next Generation ride".... No wonder shares plummeted.
  3. VILLAGE ROADSHOW LIMITED CHIEF EXECUTIVE OFFICER GRAHAM BURKE AO TO RETIRE AT END OF 2019 22 February 2019: Village Roadshow Limited (ASX: VRL) today announces that Graham Burke AO has decided to retire as Chief Executive Officer at the end of calendar year 2019. The Board has determined it is in the best interests of the Company that Mr Burke remains in his role until the end of 2019 to ensure a smooth succession. Upon the appointment of a new CEO, Mr Burke will remain on the VRL Board as a Non-Executive Director. The Board intends to conduct a wide-ranging, global and domestic executive search, with an external search firm to support this process. Clark Kirby who is Chairman and CEO of VRL’s largest division, Village Roadshow Theme Parks will be an internal candidate for the role. Graham Burke started work for Roc Kirby, Village Roadshow’s founder, at the age of 14 as a ticket collector and floor sweeper at Town Hall Pictures, Ararat in Victoria. At age 23, he became Managing Director of Village Drive-In Limited. In 1988, Village Roadshow listed on the ASX, and Graham was its inaugural CEO. He led the company into its highly successful theme parks investments, and was the driving force behind the establishment of Roadshow, which was key to the production of more Australian films than the rest of the industry combined. More recently, Graham has been at the forefront of the campaign to tackle content piracy both in Australia and globally. Executive Chairman Robert Kirby said, “Graham is a giant of our industry and has been an integral part of Village Roadshow. Together we have seen the evolution of this company into the incredible entertainment business it is today, Graham having been a part of it for 63 years. “We thank him for his enduring commitment and the leadership he has shown. Graham leaves an extraordinary legacy as CEO and we look forward to his continued involvement on the Board. “Graham’s agreement to remain on the Board ensures that his invaluable experience and knowledge will continue to benefit Village Roadshow, and allows him to provide advice and mentorship for the incoming CEO.” Graham Burke said, “It is an honour to lead Village Roadshow. I am exceptionally proud of everything that has been achieved. I am incredibly optimistic about the future of the company and look forward to serving on the Board in support of the new CEO. I want to thank the thousands of my colleagues who come to work each day with passion and dedication to creating great entertainment experiences for our customers. “From humble beginnings as a small cinema circuit, we’ve contributed hundreds of millions of dollars into the local economy, provided employment and careers for thousands of Australians, become a mainstay in Australia’s tourism industry and been involved in the production of some of the most iconic films of all time. Having said all of that, I firmly believe the best is yet to come.” Page 2 GRAHAM BURKE AO BIOGRAPHY Graham Burke is Chief Executive Officer and an Executive Director of Village Roadshow Limited. With a contribution to the Australian entertainment industry spanning more than half a century, Graham has had a profound impact on all aspects of film production, marketing, exhibition and distribution. Graham has devoted his entire career to Village Roadshow Limited, having joined the company at the age of 14 as a ticket collector and floor sweeper at the Town Hall Pictures in Ararat, rural Victoria, owned by the late Roc Kirby. At age 23, Graham became the Managing Director of Village Drive-In Limited. In 1968, Graham and the Kirby family founded Roadshow Film Distributors (Roadshow) which became the most successful film distribution company in Australia. In 1988, Village Roadshow listed on the Australian Stock Exchange, with Graham the inaugural CEO. Graham is considered one of the most strategic and creative forces behind Village Roadshow's development. He has been integral to the success and development of the Theme Parks business (Warner Bros. Movie World, Sea World, Wet’n’Wild) as well as an advocate for ongoing Australian and international film production. Through such initiatives, major international films such as Happy Feet, Mad Max and The Great Gatsby have been produced in Australia. During his tenure as CEO, Graham was the Founding Commissioner of the Australian Film Commission; a Trustee of the Victorian Arts Centre Trust; and a Board Member of the International Cultural Corporation of Australia. Graham continues to Chair Creative Content Australia, a position he has held since 2016. Graham was also key in revolutionising the FM radio industry and was a founder of the Sydney 2Day FM company, serving as Non-Executive Director between 2001-2011. In 2018, Mr Burke was appointed an Officer in the Order of Australia (AO) for services to film production, broadcast media and leisure industries, and to the community.
  4. https://www.afr.com/business/media-and-marketing/how-the-battle-for-village-roadshow-could-play-out-20190122-h1acsj How the battle for Village Roadshow could play out By Aaron Patrick 23 Jan 2019 — 11:00 PM Save Share Phase two of the Village Roadshow campaign has begun. The first phase was a board-level argument, which at times became uncivil, between brothers Robert, 67, and John Kirby, 71, over how to run the business founded by their father Roc in 1954. The Melbourne-based company's assets include Village cinemas and Warner Bros Movie World, Sea World, and Wet'n'Wild Gold Coast. John Kirby, left, with younger brother Robert in 1998. Their relationship is now "completely toxic", a source says. Robert Rough The second phase kicked off last month when press articles began appearing. Chief executive Graham Burke was mocked for flying to Los Angeles to invest in movies. Last weekend there was a detailed report about the rift between Roc Kirby's sons, both directors, over the company's performance. The articles included interesting information. John Kirby's email complaints to his brother about the company's performance extended to more than 150 pages. A single golf driving range on the Gold Coast cost $35 million. Plans to build seven more are on hold. Related Quotes VRLVillage Roadshow $2.99+0.05 (+1.70%) 1 year1 day Jan 18Jul 18Jan 191.0002.0003.0004.000 Updated: 25 Jan 2019 — 1:56 PM View VRL related articles Advertisement Goodbye to Kirby's wine Phase three, if the second is successful, will be a shareholder revolt to remove Robert Kirby as executive chairman and Burke, his chief executive. New managers would, presumably, pay themselves a lot less, stop buying wine from Robert Kirby's Mornington Peninsula vineyard, Yabby Lake, and sell a London business that helps phone makers and similar companies give away stuff to drive sales. If investors aren't inspired enough by phase two, lawyers may replace the public relations consultants. Under one scenario being considered, a judge would be asked to break up the private company that controls 34 per cent of Village Roadshow. Burke and the Kirby brothers own one-third each of the private company. At the moment, John Kirby can't use his shares to vote for a change of strategy or leadership at Village Roadshow, because he is outnumbered by his brother and Burke. John, who spent most of his life working at Village Roadshow, would like the private company split up after some 30 years. Robert Kirby, left, and Graham Burke control a private company that holds 34 per cent of Village Roadshow shares. Robert Rough RNR A split would likely trigger a big tax bill. Working out how to pay the tax office is likely to be one of the major challenges to resolving the Kirby brothers' financial separation. A great mediocrity Advertisement In a crowded field, Village Roadshow is one of the great mediocrities of the Australian entertainment industry. Every few years a burst of profit growth has been followed by disappointment at over-spending, sending the price bouncing from almost $8 to under $1. A recent sore point is spending estimated at $135 million on a grand water-slide park in western Sydney that was sold for $37 million six years later. (My kids are fans – but don't go on a hot day.) Last year, stretched financially, Village Roadshow stopped paying a dividend and asked shareholders for more money to reduce debt. John Kirby and brother Robert at a shareholder meeting in 2005. Jim Rice Without a lucrative company job, the dividend cut cost John Kirby his main source of income, a pre-taxed $5 million a year. To avoid his shareholding being diluted by his brother, he had to come up with about $7 million. With much of his wealth locked in a private company controlled by an alliance of his younger brother and a family-functionary-cum-corporate overlord, John Kirby got some new friends of his own. He engaged David Kingston, a 62-year-old Sydney ex-banker and private investor experienced in media and leisure companies. They now talk almost daily. There is also a corporate public relations manager, Mark Rudder, who has worked for the Packer family, and a Melbourne mergers and acquisitions partner at law firm Arnold Bloch Leibler, Jeremy Leibler. 'Completely toxic' relationship Advertisement Primed with professional advice, John has sparred with his brother and the board about strategy over the past five months. Kingston wrote an analysis of Village Roadshow's problems and how to fix them that was sent to the board in July. A few months later Kingston called the 77-year-old Burke a "dunce" at the company's annual meeting. Clark Kirby, the son of Village Roadshow chairman Robert Kirby, is being groomed to take over the company. The group emails sound legendary, and have caught up Clark Kirby, Robert's son and purported heir. One person familiar with the situation said the siblings' relationship is "completely toxic" and riven by competition and rivalry. The next key date is February 22, when Village Roadshow's first-half profits are due. Now the focus of media attention, a poor result would be acutely uncomfortable for Burke and Robert Kirby. But December and January's warm weather may have drawn in thousands of extra tourists to its venues. Either way, John Kirby appears to be preparing for protracted combat. He wants a new chief executive and chairman, which is an unusual request when you're on the board, the chairman is your brother and the CEO has been dubbed your surrogate sibling. Other directors wonder why, if he is going to publicly campaign against their decisions, he remains. John Kirby is exploring his legal options. One is to ask a court to wind up the private company that holds 34 per cent of Village Roadshow shares for him, his brother and Burke. Village Roadshow founder Roc Kirby in a 1965 photo. He died in 2008. Fairfax Photographic Burke and Robert Kirby control the private company, which means John Kirby's shares won't be voted against the chairman and CEO. Arguing he has been disenfranchised, John could file an "oppression of the minorities" claim under the law which forbids dominant shareholders favouring themselves over other investors. Advertisement Another legal argument might be that Robert Kirby has breached his fiduciary duties to maximise the income received by the private company. Suing a brother Either argument would constitute a direct assault on the honesty, integrity or competence of one brother by another. It might be met with counter-accusations of breach of confidence and bad faith. One corporate adviser familiar with the company, who isn't Kingston, suggests John Kirby ask a judge to freeze his brother and Burke's shares and line up a buyer. Using the oppression of minorities argument, the pair might be blocked from using their 40 per cent holding, which includes shares owned directly, to stop a private equity takeover, the corporate adviser said. Desperate for a share price bump, other investors would likely rush at the offer, he said. A lawsuit would be an extraordinary step for one wealthy brother to take against another. It would go further than the family fights inside the Murdoch, Fairfax and Packer media dynasties, who mostly knew how to keep embarrassing disputes out of the papers (except when they get into street brawls). It could expose embarrassing information about how the company is run, wreck the reputation of the Kirby family and damage the Village Cinemas brand. The tax problem Money, they say, may not salve all wounds. But it sure can help. John Kirby sounds like a seller of Village Roadshow, if a tax-effective solution can be found. His brother is the obvious buyer. Advertisement On Wednesday afternoon Village shares were trading at $3, valuing the company at $583 million. There are various ways to raise the money that could be used to cover the tax bill triggered by a restructure of the family holding. Village Roadshow could sell some assets and pay a one-off dividend (fully franked, of course), or buy John Kirby's shares from the private company. Roger Colman, a veteran media analyst who has bought, sold and bought the stock for years, estimates Village Roadshow's businesses could be worth as much as $1.3 billion next year. In theory, selling assets should drive up the price. New managers would probably help too. Private equity could swoop in. Village Roadshow could even monetise the dispute by financing a courtroom family drama. It could be called: Kirby vs. Kirby.
  5. Fair few inaccuracies here, however cool video link to a ride I loved as a kid https://movieweb.com/gremlins-ride-warner-bros-theme-park-video-movie-world/ Australia's Warner Bros. Movie World opened in 1991 and it featured a Gremlins ride. It's not clear why we're all just learning about this now because this seems like some pretty huge news. If that wasn't enough, another Warner Bros. theme park opened in Germany, five years after the Australian park and it too featured The Great Gremlin Adventure. However, there were some key differences to both sets of rides and their respective countries that are pretty puzzling. The Australian version of The Great Gremlin Adventure ride starts off in a movie theater where parkgoers get to watch deleted footage and bloopers from Warner Bros. movies and TV shows. However, before the footage ends, Gremlins take over the theater and it's up to you to escape. The animatronic versions of the creatures look pretty awesome, but it's nearly impossible to escape, so Warner Bros. brought in an animatronic Beetlejuice to lead everybody to safety. Nobody seems to have any idea why the Ghost with the Most is included on a Gremlins ride, but it's just weird enough to be cool. The German version of The Great Gremlin Adventure ride is pretty much the same thing, except it has a different intro and Beetlejuice isn't there to help you. Instead, the German version of the theme park enlisted ALF, aka Gordon Shumway, from the hit American TV series of the same name. Before the ride begins, ALF tries to hunt a cat and reaches to grab one, but a Gremlin attacks him instead, so it's up to the parkgoers and ALF to find a way out to safety. Related: 12 Christmas Movies Not About Christmas Beetlejuice was a pretty odd choice to help escape the Gremlins, but ALFseems like an even weirder choice. However, upon some further research, it appears that Gordon Shumway was pretty huge in Germany and was a popstar for a short amount of time. The man who did the German voice of the alien is Tommi Piper and he released two albums as ALF, which spawned 4 top ten singles. So, it makes sense that the cat-loving alien from Melmac was there to help the tourists make it out of the park alive. Maybe David Hasselhoff wasn't available? Both Warner Bros. theme parks in Australia and Germany didn't last very long, so it makes sense that a lot of us in North America didn't know about the excellent Gremlins ride until now. Thankfully, there is some video footage of both rides, featuring Beetlejuice and ALF, which should give you a good idea of what we all missed out on in the 1990s. One has to wonder why the Gremlins ride and the Warner Bros. theme park never made it out to other areas of the world. A Gremlins ride would more than likely be met with open arms at this point in time. You can watch footage of both rides below. Thanks to Alex Pardee's Twitter account for finding these gems.
  6. Does the North pole pass not include admission? Wow thats expensive if you have to purchase admission aswell
  7. Nice, Does anyone know much about the dinner buffet? Wife's a Veggie so need to ensure she can eat more then steamed Veggies and baked potatoes.
  8. Agree, I did invest on this investor panic myself purchasing some Village roadshow shares then came across that article lol but I do think it will only improve. Yes Asset sales are a worry but is this just creative journalism as its not quoted just a general statement.
  9. Hmm, This article instills a little less confidence, https://www.smh.com.au/business/companies/scary-ride-downhill-for-village-roadshow-shareholders-20180710-p4zqn6.html Of note: Further asset sales are also on the agenda That and the share price dropping again today -13.991%
  10. Argh! we have come up from Sydney every February for the last 3 years now, and both those rides are always closed in the times we come up my son will be devastated.
  11. Did they change the awful Prelude Clip and upgrade the TV's?
  12. Wow that Jesus ride in Rio looks amazing, I did ask one of the builders as they drove in the car park but they told me they were just waiting for a mate....
  13. So anymore photo updates? Concrete now in place of Rio? Foundations? the suspense is killing me
  14. Will do, the original movies were the best I agree too Agree, My son has a love for animals.. so much so he warns the Dinosaurs when the humans hurt them in Jurassic park he doesn't care so much when the dinosaurs eat people haha
  15. Whilst true I don know I di cheekily email them for an update the other day no response as of yet, There has been no announcements which one would expect to build hype in an area before building, However Living in the Area I struggle to think where there is 300acres in those chosen areas most are 5-6 acres blocks and would sell easily for 1.5 mill each which would be a fair chunk of change let alone council. I think they would have to go further out to Windsor or Richmond where they could easily get that type of land and pay somewhere between 15-20 Million.
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