Th first line of the first item in yesterday’s ‘Today’s Ophthalmic News’ was incomplete. It should have been:
“Real estate big noise John McGrath on 9 February resigned as a director of optical retail group George & Matilda’s owner IPIC Pty Ltd, leaving the company’s other directorships in place.”
Real estate big noise John McGrath on 9 February resigned as a director of of optical retailer George & Matilda’s owner IPIC Pty Ltd, leaving.
Mr McGrath, as well as the eponymous real-estate company he founded, has been under pressure since a report in The Sydney Morning Herald claimed he was in debt to bookmakers William Hill Australia to the tune of $16.2 million.
His listed company, John McGrath Real Estate Limited, has just reported a $25.5 million loss and all other directors, as well as the company’s chief executive officer, are set to leave this coming week, leaving Mr McGrath as the sole director unless he can find two others before the close of business today to avoid being in breach of the rules of the Australian Securities and Investment Commission and the Australian Stock Exchange, which require a listed public company to have three directors.
The share price of MRE has fallen from its $2.10 float price in late 2016 to 42.5c.
An optometrist in New Zealand misdiagnosed a six-year-old boy with a brain tumour, instead prescribing glasses. The unnamed boy was left blind in one eye.
It is understood the unnamed optometrist no longer works as an optometrist.
The Deputy Health and Disability Commissioner in New Zealand, Ms Meenai Dugga,l found numerous breaches by the optometrist of the Code of Health and Disability Services Consumers’ Rights, releading her findings on 12 February.
Ms Meenai also found the unnamed optometry practice liable for the optometrist’s inadequate care.
The optometrist first saw the boy in 2014 and did not perform appropriate
Would someone please explain what exactly is “exceptional eyecare”.
Seemingly it’s provided by all sorts of optometrists, judging from their advertisements, but your humble scribe can’t work out what it means.
Something I’m missing?
Retail czar Solomon Lew is looking set for a victory this year over the board of Myer, after the department-store group has issued yet-another profit warning due to yet-another decrease in pre- and post-Christmas sales.
It will take a bit of smooching with the other significant shareholders before Solly can show the door to all of the Myer directors as the result of an extraordinary meeting he will call, but it will happen because big and small shareholders are fed up with the board’s performance.
Do I hear “Howzatt” for the soon-to-be-discarded Myer directors?
The so-called “correction” of the share market that started last week is hitting well-run companies (such as JB Hi-Fi), as well as duds (see above).
The explanation is said to be investor disappointment after the company posted a leap in first-half earnings in a weak trading environment but softened
- SUPER SUNDAY (Optometry NSW/ACT), 11 March, Big Top, Luna Park, Sydney, (02) 9712 2199.
- VISION EXPO, 15-18 March, Javits Center, New York City.
- O-SHOW, 14-15 July, Peninsular Central Pier, Docklands, Melbourne, (02) 9450 0765.
- SILMO SYDNEY, 20-22
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A director of retail optical group George & Matilda Eyecare, owned by unlisted public company IPIC Holdings Limited, has racked up a gambling debt of $16.2 million, according to The Sydney Morning Herald newspaper.
The director, Mr John McGrath, 54, is primarily the founder and head of Australian Share Exchange-listed-company McGrath Real Australia Limited, and is reported by The Herald as owing the biggest debt in gambling history by a single person to a single company in Australia.
The huge debt is owed to Tom Waterhouse-run company William Hill Australia, and, while a secret until now, has been rumoured in racing circles for some months.
Mr Waterhouse declined to answer questions on the matter, citing responsibility to clients.
McGrath Real Estate Limited was floated on the ASX in 2005 at $2.10 a share, which has fallen to as low as 48 cents. That company’s chairman, most of its directors and its chief executive officer all recently announced their imminent resignations.
Two days after The Herald’s story, Mr McGrath said in an email sent to staff and seen by The Australian newspaper: “The information in the article so ridiculous … I will deal with it and its authors.”
In addition to Mr McGrath, the directors of IPIC are Messrs Andrew Reitzer (chairman), Christopher Beer, Peter Papas and
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