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Investments

5

Portfolio Exits

1

About Allan Moss

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Latest Allan Moss News

John O’Neill should have listened to this Macquarie legend

May 24, 2022

“Allan Moss, who used to run Macquarie Bank exceptionally successfully, was interviewed – I know Allan quite well – and someone said, ‘when you get up every day, Mr Moss, what do you think about?’ “And his response was: ‘risk’,” O’Neill said. “Not a bad story.” Outgoing Star Entertainment chairman John O’Neill says the casino giant’s risk management was below par. David Rowe Not bad at all. But as O’Neill’s evidence progressed, this little anecdote raised a key question: why on earth didn’t he take Moss’ excellent advice? Sure, O’Neill said all the right things about risk management on Tuesday, declaring “the elevation and inculcation of risk into everyone’s thinking” was a “missing link, which needs to be filled” at Star. “It wasn’t a top-of-mind acceptance of the imperative of risk management in the riskiest area of the business.” Advertisement And the board, he agreed gravely, had to take its share of the blame. “If there are mistakes and errors that have been made, the board has to take responsibility and accountability, as does the leadership team.” O’Neill, who resigned from Star last week and will depart on May 31 , has painted himself as something of a victim during his evidence, arguing he was blindsided by many of the matters revealed at the inquiry and let down by executives he thought he could trust , but who didn’t bring information to the board for a variety of reasons. But counsel assisting the inquiry, Naomi Sharp SC, effectively suggested O’Neill had played a role in exposing the Star to a variety of risks, quite aside from the board’s failure to uncover long-running misconduct at the Star, including potential breaches of anti-money laundering laws and a scheme to disguise gambling revenue as hotel expenses. When a series of scandals at the Star were exposed by Nine’s 60 Minutes program and The Sydney Morning Herald and The Age in October 2021, O’Neill and his fellow directors signed off on an ASX statement declaring the company was concerned that a number of assertions in the reports were misleading. (Nine Entertainment is publisher of The Australian Financial Review.) Under tough questioning from Sharp, O’Neill conceded that Star was still investigating many of the allegations raised by journalist Nick McKenzie at that time. But he denied repeated suggestions from Sharp that Star’s media release could have opened the company up to the risk of misleading the market. Advertisement “Did you take all due care in making your decision to consent to this ASX announcement?” Sharp asked. “In the time available, we did,” O’Neill replied. “Well, isn’t the most appropriate thing that you take sufficient care before you release something to the market?” “Yes ... there were some significant time pressures and expectations from the market, given the airing of the allegations.” Sharp then revealed that those market pressures led O’Neill to hold a series of discussions with investors, who wanted answers on the media allegations; O’Neill couldn’t recall exactly which investors he talked to. Sharp and inquiry head Adam Bell SC, both asked whether O’Neill’s discussions had opened Star up to the risk of providing selective briefings. O’Neill denied this, saying he had been very careful not to provide market-sensitive information to these investors. Advertisement But Sharp then took O’Neill to an internal email sent after those meetings, which included a new story detailing how Star shares had risen despite the media allegations. O’Neill’s motive, Sharp suggested, was to prop up Star’s stock. “What you were trying to do here is say that your meeting with certain investors contributed to a boost in the share price,” she said. “Look, at best Ms Sharp, I may have been saying it contributed to it,” O’Neill replied. Sharp had one more email ace up her sleeve – correspondence from O’Neill reassuring a fellow board member that “a power of overt and covert work” was going on to try and keep Bell’s own probe from becoming a public inquiry. O’Neill told Sharp he was over-egging the activity that was actually under way, saying in-camera hearings would have reduced the disruption to Star’s operating businesses. “You accept that these public hearings have uncovered serious misconduct which you and your board colleagues should have identified?” Bell asked. “Yes, Mr Bell. But we were unaware of many of them at the time.” James Thomson is a Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter . Email James at j.thomson@afr.com Save

Allan Moss Investments

5 Investments

Allan Moss has made 5 investments. Their latest investment was in Skykraft as part of their Seed VC on December 12, 2021.

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Allan Moss Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/9/2021

Seed VC

Skykraft

$3.5M

Yes

2

5/2/2019

Series A

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$99M

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10

1/31/2018

Seed

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$99M

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10

6/7/2016

Seed - III

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$99M

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10

7/20/2015

Series A

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$99M

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10

Date

12/9/2021

5/2/2019

1/31/2018

6/7/2016

7/20/2015

Round

Seed VC

Series A

Seed

Seed - III

Series A

Company

Skykraft

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Amount

$3.5M

$99M

$99M

$99M

$99M

New?

Yes

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Co-Investors

Sources

2

10

10

10

10

Allan Moss Portfolio Exits

1 Portfolio Exit

Allan Moss has 1 portfolio exit. Their latest portfolio exit was Maestrano on May 31, 2018.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

5/31/2018

IPO

$99M

Public

3

Date

5/31/2018

Exit

IPO

Companies

Valuation

$99M

Acquirer

Public

Sources

3

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