|Top 200 Rich List (2020)||No. of Dark Companies: |
|Political Donations since FY 1998-99|
|Rank: 79||N G P Investments (No 1) Pty Ltd (SGE)||Labor Party: $778,345|
|Wealth: $1.31b||N G P Investments (No 2) Pty Ltd||Coalition: $99,480|
|Wealth (2019): $1.23b||W F M Motors Pty Ltd||Independent: $10,000|
|YoY wealth change: 6.7%||Eagle Autos Pty Ltd||Total: $887,825|
|Norcal Pty. Ltd.|
|Janrule Pty. Limited|
|City Motor Holdings Pty. Lmited|
A savvy and well-regarded billionaire, Politis is best known for his love for the Sydney Roosters rugby league club. His City Ford dealership was the first major sponsor of any rugby league team in 1976. He is also a director of Eagers Automotive Limited (formerly A.P. Eagers), the largest car dealership in Australia and listed on the ASX 200.
It would suffice to say that Politis owns 7 Dark Companies. However, one of these companies, NGP Investments No 1, must lodge its financial accounts with corporate regulator Australian Securities and Investments Commission (ASIC) despite its grandfathered status. This is because it is a Significant Global Entity (see explainer).
Of the remaining 6 Dark Companies is WFM Motors which is the primary shareholder of Eagers Automotive. According to the 2019 annual report for Eagers Automotive, WFM Motors owns more than 69 million shares in the company, giving it a commanding stake of over 27%.
The percentage shareholdings threshold for ASX-listed companies dictates that a shareholder which holds a stake of 10% or more can block a takeover from outside investors. What’s more, a shareholder with a stake of at least 25% is able to prevent votes from other shareholders to merge with another company.
This means that Politis has the ability to block a takeover of Eagers Automotive using a company on the secret rich list.