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MQG - MACQUARIE GROUP LIMITED


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Recent ShareScene.com Radio Broadcast (13/11/2007 09:30:00):

Macquarie Group Limited MBL Interim Result Announcement Half Year Ended 30 September 2007 Allan Moss, Managing Director and Chief Executive Officer, Richard Sheppard, Deputy Managing Director and Greg Ward, Chief Financial Officer

 

N.B. ShareScene.com Radio can normally be accessed by the 'RADIO' link, top of every page.

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ShareScene.com Radio delivers investor presentations from ASX listed companies. Keep up to date with the latest corporate dealings of the shares you follow. Hear news direct from the source. Listen to directors and investor relations mangers discuss their company, give investor updates and brief on current results. ShareScene.com Radio keeps you informed about company announcements and events, and provides you daily market wraps and industry discussions.

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Recent ShareScene.com Radio Broadcast (28/12/2007 14:30:00):

2007 HIGHLIGHTS: MBL - Interim Results Half Year Ended 30 September 2007 - Allan Moss, MD and CEO, Richard Sheppard, Deputy MD and Greg Ward, CFO

 

N.B. ShareScene.com Radio can normally be accessed by the 'RADIO' link, top of every page.

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ShareScene.com Radio delivers investor presentations from ASX listed companies. Keep up to date with the latest corporate dealings of the shares you follow. Hear news direct from the source. Listen to directors and investor relations mangers discuss their company, give investor updates and brief on current results. ShareScene.com Radio keeps you informed about company announcements and events, and provides you daily market wraps and industry discussions.

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I would really appreciate some assistance on this one. Originally trading as MBL (last trade over $100.00) and now trading as MQG opening at $80.00 November 07. Why did MQG start at $80.00 and not $100.00 plus? Looking to buy on weakness tomorrow.

 

salts

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Shares in Macquarie Group fell more than 8.5 per cent today after Australia's biggest investment bank announced the impending retirement of chief executive Allan Moss.

 

Mr Moss, who led to bank to dizzying heights of success, leading the operation to be nicknamed `the millionaires factory', will leave the bank in May.

 

ABN ARMO Morgans senior client adviser Bill Bishop said Mr Moss' departure was a shock.

 

"I had not expected it,'' he told AAP.

 

"Allan Moss has been front and centre and the market does not like surprises.

 

"It's a double banger for Macquarie because they are seen as at risk, although I don't think they are ... but they are in the spotlight today because Allan Moss is the $33 million-dollar-a-year man.

 

"Why do they pay him that? Because he is such a good CEO.''

 

Mr Bishop said the event marked the end of an era for Macquarie and its shares fell as investors digested the news.

 

Shaw Stockbroking head dealer Jamie Spiteri agreed.

 

"He has successfully steered that ship to exceptionally well-performing levels in his reign there,'' he said.

 

By 3pm, Macquarie shares were down 6.5 per cent, tumbling $5.73 to $61.43, while the broader market was down 2.73 per cent.

 

Mr Moss will leave Macquarie in May after 15 years in the top job. Mr Moss turns 60 this year.

 

His decision to stand down will come in yet another record year for profits at Macquarie which are expected to hit $1.8 billion for its latest financial year, an increase of 23 per cent, the group said today in a dual announcement about its current performance and Mr Moss's retirement.

 

The rise in Macquarie's earnings will deliver yet another huge tranche of bonuses for Mr Moss and his fellow senior executives which between them totalled around $200 million last year.

 

It is likely that Mr Moss could receive between $36 million to $38 million this year in his swansong year.

 

He is also a significant individual shareholder in Macquarie with a stake worth $25 million at today's prices.

 

His holding is expected be further boosted this year as part of share options he receives in his annual performance package.

 

Mr Moss will be replaced by the head of Macquarie's powerhouse investment banking division, Nicholas Moore, whose salary and bonuses came in just below that of his soon-to-be predecessor, at $32.89 million.

 

The 50 year-old Mr Moore was the unanimous choice of the Macquarie Group board to take over as chief executive, chairman David Clarke said today.

 

Mr Moore's division provides 50 per cent of the profits earnt by the group and is the biggest operation within the Macquarie empire which now straddles the US, Europe and Asia as well as Australia and the Pacific.

 

"Nicholas is globally recognised as a leading financial services leader and is ideally qualified to take Macquarie's global business to the next stage of their development, `` said Mr Clarke.

 

Mr Moss told an investment briefing that he had been a difficult decision to retire but he felt it was the right time to leave given what had been achieved by Macquarie under his leadership.

 

During his career with the one-time tiny merchant bank, Macquarie had transformed itself from a small Australian financial institution to one that competes with the major US and European investment banks.

 

Profits over that period have grown 30 times which has made Macquarie one of the country's Australia's most successful companies.

 

"We recently successfully implemented the restructure to create the group holding company, we expect to again achieve record profits in our current financial year and there is an excellent successor in place,'' said Mr Moss.

 

Mr Clarke said that Mr Moss had been a remarkable chief executive. "Allan's achievements are enduring and we will all benefit from his legacy,'' added Macquarie's chairman.

 

However, Macquarie's dominance of the local investment banking market and its swallowing of a whole tranche of different businesses in Australia and abroad - such as Sydney Airport, toll roads, water and energy providers - has not been without controvesy.

 

Such purchases have often been followed by a hike in prices paid by customers as Macquarie has sought to squeeze more income from those companies to cover the prices paid by the bank and aid its own stellar profit growth.

 

It was also heavily criticised in recent years for the way it generated performance and management fees by "clipping the ticket'' of its purchases when it funnelled assets like Sydney Airport into separately run funds which it then listed on the stock market.

 

Nonetheless, Macquarie has in recent years been one of the best share performers on the Australian stock market. Last year, the shares almost touched $100 each as equity markets broke through record levels.

 

But doubts about global credit markets and the resulting whirlwind that swept through the All Ordinaries since November has seen Macquarie shares drop sharply as a result.

 

The announcement of Mr Moss' retirement saw the $18 billion-valued company's stock fall $4.86 in early trading - down 6.6 per cent - to $62.69 despite confirmation that he would be leaving in yet another year of record earnings

 

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