That guffawing out of Melbourne you heard on Wednesday was the sound of former Toll boss, Paul Little, reading the news that the logistic's group's new owner, Japan Post, had slashed the value of the business it acquired in 2015.
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Having paid $US5.1 billion ($6.5 billion) cash for the ASX-listed Toll less than two years ago, Japan Post announced on Wednesday that it had written down the value by $US3.6 billion.
This means that Post now values its acquisition at just $US1.5 billion.
"The price we paid for Toll was high," said Japan Post president Masatsugu Nagato with classic understatement. "The writedown is intended to wipe the slate clean."
Little won't be complaining. He got a $340 million payout on his stake in Toll thanks to Post's generosity.
Post's 50 per cent takeover premium boosted the value of Little's shares by more than $100 million when the deal was announced in February 2015.
But if the writedown is anything to go by, Post paid Little - who was Toll's biggest investor - $240 million more than the shares were worth.
That might help deal with any lingering misgivings the former Essendon president had about the sale.
"I have transitioned from feeling somewhat mixed emotions about the deal to feeling quite excited about the future for Toll, the staff there and its customers," Little said when the deal sailed through in May 2015.
"I think it will be a really good deal for Toll and I look forward to seeing what the future holds for it," he said at the time.
That future now includes 1700 staff losing their jobs over the next year.
Tricky Spot
As much as Spotless doth protest, it is having trouble getting support for its view that the "opportunistic" and "hostile" bid from Downer is a dud.
After Spotless revealed that the alleged interest from other parties evaporated this week, Macquarie analysts told Spotless shareholders to take the $1.15 a share on offer from Downer EDI and run.
Spotless' main defence "is now around base business performance" said the Macquarie team, which noted that it expects earnings will come in at the lower end of the company's $80-90 million guidance.
Spotless is releasing its target statement Thursday.
Slippery dip
It isn't often you see a boss step down after just two years after deciding there is someone else more suited to the top job.
Not that Ardent Leisure chief executive, Deborah Thomas, has had a typical tenure. The decision comes two years after shares plunged as investors reacted to her shock appointment, and six months after the tragedy at Dreamworld.
The company claims Thomas instigated the leadership change at the group, which will see former Nine Entertainment executive Simon Kelly take the CEO role while she takes on the newly created role of chief customer officer and head of operations for the Australian business.
"During Deborah's leadership our company has experienced an unprecedented level of reorientation and change and has positioned itself strongly for solid future growth," said Ardent chairman, George Venardos.
She will still oversee Australian businesses such as Dreamworld, which are expected to take a back seat to the company's growing US bowling operations, Main Event.
Ardent will change its name to Main Event Entertainment Group at the end of the financial year to reflect the importance of this business.
When Thomas steps down in July, it will end a turbulent two years for the former Women's Weekly editor.
The news of her appointment, replacing the respected Ardent boss, Greg Shaw, triggered a 20 per cent drop in the share price.
Ardent's chairman at the time, Neil Balnaves, triggered a further storm when he criticised Ardent shareholders who had questioned Thomas' credentials for the role. He said they were naive and accused them of a "vicious attack with no logic attached to it".
The stock had only just recovered from that plunge when the Dreamworld tragedy hit last year and sent its share price back down to the $2 mark.
Kelly is trying to ensure his entry to the Ardent business is less eventful.
His starting salary of $600,000 is half his salary at Nine, and less than the $670,000 Thomas received last year - although this is partly in lieu of a $1.5 million share grant he will receive - but cannot sell - until July 1, 2020.
Kelly will also be entitled to incentives worth up to $950,000 a year.
"Simon, who will transition to the role over the next few months with the support of Deborah, brings to the group a wealth of experience in the management of multinational operations, financial control and the entertainment sector," said Venardos.
And if things don't work out, Kelly has worked a $350,000 severance payment into his contract on top of the standard payment in lieu of notice should his services no longer be required.
Ardent did not say whether Thomas will take a pay cut in July when she is no longer top dog. It told CBD that a standard review of remuneration will be undertaken in August.
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