Women's fashion never looked so good for former Babcock & Brown duo Trevor Loewensohn and Phil Green.
While the rest of the retail sector is going to water at the prospect of Amazon finally putting a toe in the local waters, Noni B shares have doubled since August last year and it is time to cash in.
![Former Babcock & Brown boss Phil Green.](http://web.archive.org./web/20170908103443im_/https://www.fairfaxstatic.com.au/content/dam/images/g/i/v/v/t/d/image.related.articleLeadwide.620x349.gy82g7.png/1504472609563.jpg)
Green and Loewensohn's new investment group, Alceon, announced on Friday that it is taking profits and sold 7 million shares at $2.20 a pop last week.
Not bad given Alceon was hoovering up a majority of the stock just three years ago at 51c a share. It is not really the story of a suburban women's fashion group trumping the Amazon threat so much as defying the critics and failing to collapse in a heap.Â
![Noni B's chief financial officer and company secretary, Ann Phillips, also plans to step down.](http://web.archive.org./web/20170908103443im_/https://www.fairfaxstatic.com.au/content/dam/images/1/3/m/7/2/b/image.related.articleLeadwide.620x349.gy82g7.png/1504472609563.jpg)
And there is more to come, according to Alceon which retains a 40 per cent stake after the sale.
"Alceon believes there is still significant upside in the business," said Loewensohn in the investor's press release.
Indeed, Alceon says it is only parting with this 7 million shares in response to other investors who said the low liquidity and free float was an issue - bless the kind heartedness of Alceon. Â
But the rising share price makes you wonder if James Packer was a little hasty when his family flagship, Consolidated Press Holdings, sold all of its shares in March for $10 million. This was barely six months after he received the stock, and $65 million, after selling the Pretty Girl fashion group to Noni B last year.
![Illustration: John Shakespeare](http://web.archive.org./web/20170908103443im_/https://www.fairfaxstatic.com.au/content/dam/images/g/y/9/w/b/m/image.related.articleLeadNarrow.300x0.gy82g7.png/1504472609563.jpg)
Corporate evolutionÂ
The peak of Lycra season is fast approaching in property circles with the riders (and walkers) now gearing up for next week's Tour de PIF charity bike ride in Sydney.
The ride which is one of the Property Industry Foundation's landmark fund raising events will see close to 300 property types Lycra up and ride around Ku-ring-gai Chase National Park to raise money to help homeless young people.
Among this year's peloton will be Aliro Group's (and former Charter Hall joint managing director) David Southon, GPT's Head of Office & Logistics Matthew Faddy, KPMG property guru Steven Gatt, Taylor's Head of Property, Chris Pratt, and Sydney Olympic Park boss Charles Moore.
The event which started as a car rally also appears to be undergoing another major evolution.
The walking component of the event now only in its second year, which has already sold out, will see an extra 200 property types hike around two courses of up to 20km in Ku-ring-gai. One property executive to ditch the bike this year is Frasers Property Australia's head honcho, Rod Fehring.
CBD is not sure what the PIF ride and walk could evolve into next.
Vamos Fletcher?
Former Commonwealth Bank boss, and current Fletcher Building chairman, Sir Ralph Norris (Auckland Knight), has mailed the many Fletcher shareholders his latest mea culpa about its disastrous year and promises that his clean out has not ended with former CEO, Mark Adamson.
"As I stated at the time, this was not the result we wanted, it is not the result our shareholders wanted, and the board and management team take absolute responsibility for this performance," he says in the letter.
Some might be held to responsibility more than others of course. Especially in the troubled building division.
"The issue we experienced in B+I were the result of poor project and business unit governance and ineffective project management," said Norris, which makes you wonder whether there is any area where the unit came up to scratch.
But some board-level renovations are needed as well.
"As we progress our standard director renewal process we will also be seeking to strengthen the construction experience on our board," said Norris.
This might sent a few alarm bells ringing on the board, which has been accused of being a sleepy corporate club.
This might be especially relevant to the members of the audit and risk committee, who might be giving themselves a good hard look in the mirror given the number of surprise earnings disasters which emerged from B+I this year without warning.
Audit and risk chairman, John Judge - a former bean counter - is stepping down at the upcoming AGM. But it would be interesting to see what the future holds for his two Aussie colleagues on the committee: Geelong Football Club director and former UGL chairwoman, Kate Spargo, and former Microsoft exec and current "thought leader" Steve Vamos.
Backgrounds in the legal profession and tech might not cut it on a committee that obviously needs to bone up on construction.
Floating away
As CBD's publisher, Fairfax Media, prepares to float off its crown jewel, real estate group Domain, it is obviously time for golden boy Anthony Catalano to drop some of the ballast.Â
On Friday, âReal Estate Investar Group, announced that Catalano was stepping down as a director with immediate effect due to "his increasing commitments  with the Domain Real Estate Media group require his time and attention."Â
He leaves behind former Realestate.com.au boss Simon Baker as chairman to mind the real estate data group which listed at 20c a share in late 2015, and closed at 4c on Friday.Â
On Thursday, the group reported that losses increased to $1.56 million on revenues which decreased slightly to $4.73 million.Â
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