STW has come from nowhere to take out the iiNet pitch – well, if its information to the Australian Securities Exchange (ASX) is to believed.
The $20 million iiNet pitch is down to the wire, with incumbent OMD WA and Initiative Perth waiting on the client to give them the news either way.
However, releasing its financial results this morning, it appeared that an STW agency had come from nowhere to take out the pitch.
As part of its management presentation slides, it presented its “recent wins”. This included the known-about Flight Centre win at the back-end of last year, but also that it had somehow taken out the iiNet pitch.
Mindshare, of which STW has a circa 47.5% share, had been in the iiNet pitch in the early stages, but had to pull out once it was handed the Foxtel account in light of the Mediacom fallout.
However, investors reading on the ASX may have got the impression that either Mindshare or another STW-backed agency such as Bohemia or Ikon Communications were in the running.
This certainly would have been news, so AdNews started making some calls. It turns out none of the agencies contacted knew what was going on.
Just as Ikon was being questioned on whether it had managed to pick up the account … somehow, STW got back to AdNews on its enquiries.
“It appears that unfortunately a draft version of the presentation was uploaded in error to the ASX and boardroom live link,” a spokesperson said.
Apparently, it meant to write in iSelect, not iiNet.
Maxus, of which STW has a circa 47.5% stake, picked up iSelect late last year.
The error has now been rectified and a new issue uploaded to the ASX, but it just goes to show that even multi-million dollar businesses get a case of the Fridays.
For the record, STW categorically denied it was in the iiNet pitching process.
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