MWCC Shareholder register

We wouldn’t have come out and named our investors...
— Jude Franks, Director MWCC

Thinking of investing in MWCC, or reconsidering your holding? Read our handy Guide to Investing in MWCC

MWCC shareholdings are controlled by people. Their names and the amount of money they have given to the MWCC are revealed behind the faceless faces shown below.

(click a face)

James Miller  20,000 shares, $25K investment  The Chief Executive Officer and Managing director of SRT Logistics, a refrigerated food transport company.

James Miller

20,000 shares, $25K investment

The Chief Executive Officer and Managing director of SRT Logistics, a refrigerated food transport company.

Lloyd Clark  90,000 shares  Clark is a well respected tourism business operator associated with Lenna Hotel, owns shares through Tiger Island Nominees.

Lloyd Clark

90,000 shares

Clark is a well respected tourism business operator associated with Lenna Hotel, owns shares through Tiger Island Nominees.

Kingford Promotions  10,000 shares  Kingford Promotions is a Tasmanian-based company distributing tourism brochures.

Kingford Promotions

10,000 shares

Kingford Promotions is a Tasmanian-based company distributing tourism brochures.

Jude Franks  24,000 shares  A member of MWCC's pre-operational Board and a tourism consultant.

Jude Franks

24,000 shares

A member of MWCC's pre-operational Board and a tourism consultant.

Hooked Scarf

Hooked Scarf

Phillip Turner  150,000 shares  One of the professional gamblers in the group that included MONA founder David Walsh, Phillip Turner is a business partner with James Cretan in Tucre Investments. Turner is a Tasmanian but lives in Thailand.

Phillip Turner

150,000 shares

One of the professional gamblers in the group that included MONA founder David Walsh, Phillip Turner is a business partner with James Cretan in Tucre Investments. Turner is a Tasmanian but lives in Thailand.

Adrian Bold  The founding shareholders (in 2015), Bold is the co-founder of Riser + Gain, a property development company.

Adrian Bold

The founding shareholders (in 2015), Bold is the co-founder of Riser + Gain, a property development company.

Tony Shadforth  113,000 shares via Suetone  Suetone Pty Ltd is a trustee for the AK Shadforth Family Trust, controlled by Tony Shadforth

Tony Shadforth

113,000 shares via Suetone

Suetone Pty Ltd is a trustee for the AK Shadforth Family Trust, controlled by Tony Shadforth

Ian Urquhart  owns Krisami Investments in Victoria

Ian Urquhart

owns Krisami Investments in Victoria

Simon and Lauren French  6,500 shares  Owners of Dirt Art, a mountain bike construction company

Simon and Lauren French

6,500 shares

Owners of Dirt Art, a mountain bike construction company

John Clennett   20,000 shares    Owner of Clennett's Mitre 10 in Huntingfield, Hobart.

John Clennett

20,000 shares

Owner of Clennett's Mitre 10 in Huntingfield, Hobart.

Ian Griffiths  50,000 shares  Controls the Victorian registered company, Fairisle Holdings.

Ian Griffiths

50,000 shares

Controls the Victorian registered company, Fairisle Holdings.

Craig Ferguson  10,000 shares  Ferguson is the project manager and director of the Arm End golf course project.

Craig Ferguson

10,000 shares

Ferguson is the project manager and director of the Arm End golf course project.

Leith Thompson   10,000 shares    A former director of INCAT, the hHobart-based catamaran building company.

Leith Thompson

10,000 shares

A former director of INCAT, the hHobart-based catamaran building company.

Mike Mahoney  1,100 shares  Mahoney is the founder and owner of Extra Mile Tourism Management, based in Brisbane, Queensland.

Mike Mahoney

1,100 shares

Mahoney is the founder and owner of Extra Mile Tourism Management, based in Brisbane, Queensland.

Ian and Elizabeth Rankie  14,000 shares  Innkeepers Tasmania chief executive and Tourism Industry Council of Tasmania director owns through Mice Investments.

Ian and Elizabeth Rankie

14,000 shares

Innkeepers Tasmania chief executive and Tourism Industry Council of Tasmania director owns through Mice Investments.

Robert Johnston  via Bensam  Robert Johnson is a former Shadforth financial analyst.

Robert Johnston

via Bensam

Robert Johnson is a former Shadforth financial analyst.

Grosvenor Investments

Grosvenor Investments

MWCC is a private company, but it is required to maintain up-to-date records with the Australian Securities and Investments Commission of its shareholders, the amount of shares they own and the price paid per share. The ASIC Register is publicly available and MPS and others track shareholding changes. It is legal for companies to invest in companies and so in some cases company names appear instead of individual names, but there are ways of establishing the names of the people who own those companies, too. The spreadsheet below was created in 2018, but a 2019 update is being prepared now.

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Read more: The Lukewarm supporters

Read more: The Red Hot supporters

 

MWCC's #1 investor: James Cretan

The most controversial shareholder is James Cretan. He owns or effectively controls several hundred thousand MWCC shares (initially 50% of the capital, now down to 20%). He is also the chair of the Tourism Tasmania Board and a member of a closed facebook group set up to "mobilise supporters of the cable car to action". 

Shareholding is not improper and there is no suggestion that Cretan has acted with impropriety, but how can a person simultaneously chair Tourism Tasmania and sit on the Premiers Visitor Economy Advisory Council—being paid to offer impartial advice to the state on, say, a cable car and be a major shareholder in a cable car company as well as an active proponent for it, writing that "People like me need to put their money where their mouth is."? 

Mr Cretan's influence does not stop there. Under its current plan, the cable car would be built entirely within Wellington Park. Every permit for construction works in the Park and each licence for every business activity in the Park must be agreed to by the Wellington Park Management Trust, and James Cretan is in a key position to influence—if not direct through Tourism Tasmania’s CEO—the Tourism Tasmania representative’s vote on the Wellington Park’s management board. Indeed, he could himself attend. How can he in good conscience direct a vote at that table?

Mr Cretan sees no conflict in any of this here and here, but just saying so is hardly sufficient. Claiming that "Tourism Tasmania is essentially a Destination marketing organisation [with] no involvement in the State Government consideration of the project" is not creditable. The cable car and the Pinnacle Centre would be "Destinations". He may well become "involved" in state government considerations—especially considering that the project is so politically controversial. If the topic came up at the Tourism Tasmania board meeting he would, he says, "absent myself from the discussion". The dynamics of Board leadership suggest that his views would, nonetheless, carry. The proposal is a regular agenda item at Wellington Park Management Trust meetings, but Mr Cretan has said nothing about that potential conflict. Mr Cretan points out that "There are well established processes in place for dealing with potential conflicts of interest in a governance setting." There are, but their are degrees of conflict and this is not a potential conflict, this is glaring. State MP Cassy O'Connor described his interest as "vested". The situation was exacerbated by a statement from Premier Hodgman that grossly misrepresented Cretan's holdings. 

Mr Cretan has written that "those I know and work with understand that integrity is one of my core personal values". He should demonstrate that integrity. Mr Cretan should sever the connection between his money and his mouth. He must choose. He can sell his shares or resign from Tourism Tasmania.

Mr Cretan’s perceived conflict of interest became the subject of a year-long Integrity Commission investigation which was released in August 2019. The Commission found that Mr Cretan had no perceived or actual conflict of interest.

Not every one is convinced.