Billionaire Lindsay Fox’s ownership of Armaguard makes him the king of cash (of sorts). The trouble is cash is going the way of the dodo.
Billionaire Lindsay Fox appears to be playing a dangerous game of chicken with a formidable and powerful foe - a collective of nine organisations including the big banks, the big supermarkets and Australia Post. But he is doing so from a seemingly weak negotiating position.
The group of nine organisations had given Armaguard until 3 pm on Thursday to accept the bailout package of $26 million - after which it was due to lapse. Having sought a resolution through collective negotiation, to ward off the collapse of Armaguard, Fox has for now shifted his position to not allow the business to go broke.
CBA boss Matt Comyn told a parliamentary inquiry late last year that continuing to support cash distribution was costing the bank $400 million a year. Given Armaguard is the only cash transporter left of any size Fox should be in a decent negotiating position with this group of customers.
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