Shares in Brisbane-based data centre operator NEXTDC have copped a pasting since its full-year earnings disappointed on August 31, down from $7.35 to $6.22, or more than 15 per cent, as most analysts revise forward growth forecasts in the wrong direction.
NEXTDC’s chief executive Craig Scroggie will be hurting as much as most, speaking for 1.55 million ordinary shares and a truckload of performance rights.
Not that he appears the least bit concerned. The only bunker he’s been troubling is on the back nine at Melbourne’s Capital Golf Course last week with former Hawthorn captain Luke Hodge.
See, Scroggie has developed an arguably injudicious relish for sharing his high-octane, big-spending ways with the 413 people who follow him on Instagram.
How else would we have known that he “picked up” a Maserati GTS this weekend (likely the one he was posting shots of right after Christmas in 2015), for which he couldn’t have got much change from $350,000?
Only seven weeks ago, he took delivery of a black Ferrari 488 ($470,000 plus on-road costs) sporting the vanity number plates “RARI”. There has to be something in Queensland’s water supply that prevents the pay day fantasies of its male natives from maturing beyond those conceived during 11th birthday parties at Go Kart World. (Did Don Meij rule that joint or what?!) Everyone south of the Tweed knows Ferrari is Italian for “arrested development”. For their infantile vulgarity, at least the Russians can blame the vodka.
Scroggie has shared photos of luxury villas at Crown Melbourne and Crown Perth worthy of their own Domain listings. Naturally, Scroggie also plays drums in a rock band, also at Crown, his magic on the sticks captured by a professional photographer (though not the one that travels with BT boss Brad Cooper and his wife Jo Walker).
Scroggie has been to Qantas’ new Chairmans Lounge in Brisbane.
Scroggie went to Alex Waislitz’s 60th birthday party. Of course he did.
In March, Scroggie took The Star’s Global Express (is it safe to bet this bloke doesn’t mind a game of cards?) to New Zealand for a weekend with mates straight out of Eagle Street casting; indeed, it’s a wonder they’re not tax loss brokers to Blue Sky’s VC arm.
Notwithstanding the dubious affluence of those publicly sharing their three-hour trip on a casino’s smoker, it’s not a good look to be choppering to golf during trading days right after some $300 million has been wiped off your market capitalisation in response to underwhelming operational performance.
What does Scroggie’s chairman Doug Flynn think about all of this? Not very much, we suspect. Remaining in character! But small cap fundies don’t like this kind of thing. By all means, there’s a place for bull market specialists. Just not when they’re dusting other people’s money.