GREENPEACE Australia Pacific has had to restructure itself after slumping to a $3 million cash-flow deficiency last year.

Accounts to hand for the multinational stunt outfit showed it had to cut some spending following a $2.6 million fall in money from fund-raising and interest income.

The deterioration in fund-raising occurred in a year – calendar 2009 – when publicity concerning climate had never been greater.

Greenpeace claimed that the slump in receipts was due to local banks becoming less tolerant of credit risk, thereby increasing the rejection rate on credit card transactions. That’s a novel excuse if ever there was one.

Greenpeace also claimed that the lower income was due to a planned decrease in “new supporter acquisition” during the year.

Failure to sufficiently rein in spending – fund-raising, campaigning and administration – resulted in Greenpeace reporting a $1.6 million loss for the year – far greater than the $193,992 loss for 2008.

There was a profit in 2007 of $1.3 million.

The result of all the red ink was that Greenpeace said it would be closely monitoring money flows in the current year.

Ann de Wachter, a Greenpeace director who lists her experience as public relations and fund-raising, said that activities for the year included a vigil outside the Japanese embassy in Canberra, “public activity” outside the Japanese consulate in Sydney, boat tours around the Pacific, the Climate Emergency Rally and the Walks Against Warming.

Ms de Wachter also patted herself on the back for “media commentary” on whales, oceans, climate and anti-nuclear campaigning.

At year-end, Greenpeace’s cash war chest had more than halved to $2.6 million.

 

Masi gets his share

WHEN Paul Masi, the former Merrill Lynch heavy, got the job of running Austock, the scrip got a wriggle on, from 25¢ to 30¢.

Alas, the stock has drifted lower and last fetched 19.5¢.

At that sort of price, Masi is putting a bit of loose change into the shares.

Last month he bought 233,300 shares at 20¢ apiece and in the past few days he’s come back for more, buying 241,700 shares at the same price.

He now holds 475,000 shares.

Austock is now valued at $26 million.

 

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