Primary Health's Peter Gregg shows no sign of distraction

Primary Heath Care boss Peter Gregg is calmly getting on with the job despite having China's Jangho Group camped out on his share register – and allegedly poised to strike with a takeover bid at any time – as well as the threat of charges from his time at Leightons.

On a quiet Tuesday morning, he announced that Primary would jettison its private health insurance business, Transport Health, for $27 million. 

Sure, it's small beer. This is not much more than what Gregg and his final boss at Leightons, Hamish Tyrwhitt, pocketed in 2014 when the Spanish conquistadors from ACS took control of the engineering group and dispensed with their services.

Primary Health's CEO Peter Gregg is suing Fairfax Media for defamation. Photo: Daniel Munoz

And that would have been the end of it, if it wasn't for those pesky allegations that Gregg might get drawn into the bribery and corruption allegations at Leighton that could see him charged with accounting offences. Gregg has vehemently denied any wrongdoing. 

"I would like to thank the employees of Transport Health for their valuable contribution to the Primary Group and wish them well for an exciting future," said Gregg of his third divestment since taking charge at Primary last year.

Let's hope his chairman Rob Ferguson can find such kind words for Gregg if push comes to shove and Gregg is forced to follow the path of former ASX boss, Elmer Funke Kupper, who stood down over allegations from his tenure at Tabcorp to deal with those allegations.

Mesoblast major shareholder and CEO, Professor Silviu Itescu. Photo: Josh Robenstone

Zulu guru 

Even the disrupters like Newzulu are doing it tough in digital journalism, despite its friends with deep pockets.

Alex Hartman, former tech wunderkid and brother of convicted insider trader John Hartman, is going to change the world by making everyone with a smart phone a potential journalist for his media group, which was spawned by a tech project at Agence France-Presse. 

Mesoblast shares have plunged.

"It occurred to me that if there was a shark attack at Bondi, then in the past the news would have always been there first, but that's never the case now, there's always someone with a smartphone," he told Fairfax Media.

"We're trying to make money from that fundamental disruption."

Illustration: John Shakespeare

It hit the heights of becoming the dealmaker for the footage of ex-Formula One ace, Michael Schumacher, being airlifted from the French Alps after his tragic accident. It fetched $150,000, but you obviously cannot count on that sort of footage on a daily basis. And global expansion is not cheap, even for a digital disrupter. 

For the March quarter the company reported operating cash outflows totalling $2.8 million and revenue of $732,000 – which meant that its remaining cash of $1.55 million probably was not going to stretch to the end of the current quarter. 

Shares, which once traded as high as 19c, are now closer to 1c. 

On Tuesday Newzulu announced it had completed another $5 million placement. It cost more than $1 million to do the deal with the support of backers like Kerry Stokes' Seven West Media and Alex Waislitz's Thorney Investment Group.

It means the company's issued share base will balloon by a further 391 million shares issued at 1c each. 

Maybe Hartman can get a few breaks from our ideas guru Malcolm Turnbull who also reportedly owns shares in Newzulu. His Sydney electoral office used to share digs with the media group. 

Me so Blast! 

A thumbs down from Israeli pharmaceutical group, Teva, has provided the latest rollercoaster tumble for stem cell group Mesoblast and its major shareholder and CEO, Professor Silviu Itescu. 

His 18 per cent stake was worth $283 million this time last year. It literally halved in value last October, following a disastrous listing on the US Nasdaq triggered a major plunge in its value. 

By March this year the stock recovered to a high of $2.83 thanks to positive trial results and the expectations that its commercialisation strategy was finally about to deliver. It boosted Itescu's stake to $193 million. 

By the end of Tuesday's sell-off his stake had plunged back to $82 million. 

On the positive side, it gives Itescu plenty of reasons to plug on with Mesoblast's promising treatment for chronic heart failure despite Teva surrendering all rights for the treatment. 

Got a tip? ckruger@fairfaxmedia.com.au