Partial privatisation studies included in DB restructuring
The Next Federal Election and Passenger and Freight Rail
Transport and Logistics symposium to gauge railway link
Rail gets another CRC. Third time lucky?
Chinese high speed rail should confine the XPT to history
Hendy heads to NR
Urban rail news in brief - July 2015
Inland rail a trifecta for Toowoomba region: mayor
HERE will be more fireworks at today's board meeting of Pacific National, with the man accused of pushing out the former chief executive set to stand for the top job.
Toll's Mark Rowsthorn is likely to put his hand up as a candidate for interim chief executive of the Toll-Patrick venture.
Mr Rowsthorn, Toll's head of operations and a director of the Pacific National joint venture between Toll and Patrick Corporation, will nominate in the event fellow director, and Patrick's head of rail, Allan Davies declines.
Business Daily understands Mr Davies has indicated to Toll that he is too busy to run Pacific National.
Patrick, which is fending off a $4 billion-plus takeover bid from Toll, said yesterday it would reject the Rowsthorn resolution.
"We don't think Mr Rowsthorn should even be attending the meeting as a director given his behaviour," a spokesman for Patrick said.
"We certainly don't think Mr Rowsthorn is a suitable candidate to be put forward as CEO leading employees, given that he is partly responsible for the demise of the previous CEO."
Stephen O'Donnell resigned as Pacific National chief executive on October 14, citing threats and harassment from Mr Rowsthorn.
Mr Rowsthorn had accused Mr O'Donnell of "working for Patrick".
Mr Rowsthown also warned Mr O'Donnell he should get legal advice because "we are coming to get you".
Given Patrick boss and Pacific National board member Chris Corrigan said yesterday the break-up of the joint venture was almost "inevitable", it is unlikely Mr Rowsthorn will receive votes from the Patrick camp in favour of a resolution to give him executive control.
Mr Rowsthorn's offer is one of a list of resolutions Toll wants discussed at this morning's meeting in aptly named Blue St, North Sydney.
"In addition, Toll has proposed that the meeting consider the appointment of an eminent former judge to investigate all the facts and circumstances surrounding the preparation of relevant company documentation and the contractual arrangements between Pacific National and the Toll subsidiary Toll North for the provision of rail services in Queensland," Toll said in a statement.
The 2002 deal involved giving Toll North a specified amount of capacity on Pacific National's rail network.
According to Patrick, after the directors agreed on the deal it was allegedly re-drafted by a Pacific National employee seconded from Toll with the effect that the specified figure increased to 100 per cent.
About this website
Railpage version 3.10.0.0037
All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest is © 2003-2021 Interactive Omnimedia Pty Ltd.
You can syndicate our news using one of the RSS feeds.