Latest news with #TrevorBrown
The Guardian
30-05-2025
- Business
- The Guardian
‘It's just maths': uninsurable, disaster-hit pockets of Australia pose existential questions requiring radical answers
On Tuesday 20 May, as rain pounded Taree and flood waters rose, eight people wheeled a grand piano on its castors across one of the town's main streets and into an office block. The piano, worth $20,000, was saved and still sits, nearly two weeks later, in the office with employees working around it. But much of the rest of the stock from Bass 'N' Blues Music Megastore – including 180 guitars, 80 amplifiers and $100,000 worth of sheet music – was destroyed. 'We went through the floods four years ago and we've been putting it back together ever since,' Tanya Brown says. 'But we did a shop change a few weeks ago and it's the best it's ever looked. 'We got new guitar lines in just days before the flood. A $6,000 amplifier I've been waiting on for nine months for a customer, that arrived a couple of days before – it's gone.' Brown, 51, who has lived in Taree all her life, says the hardest moment was walking back into the store the first time after the flood waters that hit the mid-north coast of New South Wales had receded. 'There were tears for about 20 minutes and we thought, we'll let ourselves have that moment, then we put our boots on and got to work.' Brown, her husband, Trevor, with whom she runs the store, friends and a crew of volunteers who were just waiting outside the shop ready to help clean it up have successfully got the place emptied and ready for reconstruction: gyprock walls need pulling out, carpets need replacing, the place needs to dry. 'Once we've done that we can get some stock back in and start getting it back together,' she says. Reopening is her primary focus, for her staff and for the town. 'Our community needs us, we're a driver of musical education and live music playing – we need to get back up and going.' On the one hand, Brown is testament to the resilience of survivors of disasters that politicians rightly praise as they tour waterlogged or fire-ravaged towns. But she has questions too, questions that move beyond immediate recovery for her store and Taree, and shift the focus from individual – or even community – responsibility for recovery. Questions about how we handle crises like these going forward, the perils of insurance in increasingly uninsurable communities, how governments support people in the wake of disasters, and whether bigger conversations around disaster adaptation and mitigation need to happen. 'We've really been dealing with these massive events these last few years,' Brown says. 'It seems to take governments a long time to be able to initiate those conversations and change. 'Whatever's changing our climate – they can argue about what it is until the cows come home – but the fact is it's changing and we're going to have to do things differently.' The most immediate question for many people following the frantic drumbeat of disasters across Australia is what to do about insurance. Floods in 2021 that hit the east coast of Australia, including the mid-coast and Hunter region that has been devastated by last week's flood event, rendered nearly 1,200 houses uninhabitable – including one in Taree that was found drifting in the Manning River – and led to more than 53,144 insurance claims totalling $629.6m. In the wake of that disaster, many home and business owners found their properties suddenly uninsurable for flood damage. Others were faced with insurance premiums costing tens of thousands more each year. Brown was one of the lucky ones – if anyone whose business has just been destroyed and community pulverised by a natural disaster can be described as lucky – in that she had flood insurance. But she does not anticipate that getting a payout will be straightforward. Her insurance payout from 2021 – about $350,000 – only just came through four months ago. She describes getting it as 'the fight of our lives'. This time around, three times the volume of water came into her store, the damage was far worse, and the claim could be as much as double last time. She anticipates another battle. Rupesh Phirangi, owner of Manning Valley Dental, which sits right on the riverfront, with sweeping views from its veranda and bay windows of the beautiful Manning River, had flood insurance – though didn't need it – until the floods of 2021. After that flood event, he suddenly found no company would offer flood insurance to him. 'The problem is we have been given a red flag for flood insurance,' he says. 'The maximum we could take is storm damage.' In Phirangi's 20 years in the area, the flood waters only ever filled his surgery's garage on the lower level, never getting beyond the doorstep of the clinic on the first floor. But this time – his first flood uninsured – the flood waters breached the clinic, reaching waist-height. He estimates 80% of his equipment – much of it electrical, expensive and specialised – has been destroyed, leaving him with a bill of $250,000-$300,000. 'It has done a massive devastation,' he says. 'Unimaginable.' Without insurance, it isn't clear how Phirangi will be able to rebuild and get his business running again. Various state and federal government grants exist to help people who are uninsured and the NSW premier, Chris Minns, said on a visit to the area on Thursday that he'd had 'extensive talks' with the prime minister about a package of support for businesses and primary producers. As of Friday, the details of the package had not been announced, with Minns saying they would be made public 'imminently'. 'We want to make sure that the assistance … works, pulls those businesses back out of a very difficult situation and ensures that they continue to operate,' the premier said on Thursday. Phirangi says: 'We have been told there will be some sort of funding available. But this is a big loss, I'm not sure to what extent they will help us.' Ian Wright, associate professor in environmental science at Western Sydney University, specialising in water management and policy, says the situation facing so many communities in flood-prone or bushfire-prone areas, who now either could not get insurance or could not afford skyrocketing premiums, shows 'the insurance system has broken down'. 'I think there's a question about the social licence to operate of insurers at the moment. And I think that's really, really, really deep, and I think it's going to hit other disaster-hit communities as well: coastal flooding, bushfire, floods.' Wright says a new model has to be considered to replace how insurance is currently working, suggesting that the Australian government could implement an underwriting agreement with insurers for flood disasters, in the same way it does for cyclone-hit communities. 'I don't know why we wouldn't adopt that. But it seems half-hearted, very petty, and we really haven't got our heads around collectively how we support these communities and step in to provide very significant help to those who are uninsured.' Greg Mullins, the former NSW Fire and Rescue Commissioner, and founder of Emergency Leaders for Climate Action (Elca), says insurance companies pulling out of providing coverage for disaster-prone areas cop a lot of criticism but are often just following the business case. 'People don't realise, but insurers have to price to the risk, and … they're sometimes better at risk assessment than governments are. 'People like to blame them. But why would you give away money if you're in a business? 'I'm not an apologist for the insurance industry, but it's just maths.' The problem is that there is just not enough money in the government coffers to make up the shortfall, he says. 'There's too many people needing that government help, now that there's so many uninsured. Everything we're talking about is billions and billions of dollars.' Mullins' solution would be to institute a tax on super profits of fossil fuel companies. 'Let's tax them properly and set up a national climate adaptation and resilience fund.' Can he imagine there ever being political will for such a policy? 'I hope so. I hope [Labor] have got the guts with this massive mandate for change, and the proof will be in the pudding when people can actually be moved – you know, have their homes moved out of harm's way, have a new home built, do it with dignity. They'll think, 'Wow, what a great idea.'' The question of moving is a fraught one and not one that Jenny Wilkinson, 77, had considered until last week's flood. She lives with her partner George on a two-hectare property on the edge of Taree that her parents bought in 1978. It's a property she loves dearly, describing the huge fig trees that line the drive, that were planted by her father four decades ago, and likely protected the home from some damage when the flood waters rose, the giant branches catching wood and debris that could have smashed their house. George, who is in his late 80s, has serious health problems that prevented the couple from leaving their property in a timely way and so they had to be rescued, clambering over an upstairs veranda and into a police boat and ferried to safety. When she returned to the property, she found the body of one of her three pet horses, a Shetland pony, by the house. They lost all of their horses, most of their 20 cattle and all but one chicken. Inside the house, the ground floor was filled with mud and furniture had been ruined, but the biggest blow was the photographs. 'Mum and dad's photos that were up on the walls, the real old ones with the curved glass, they're all gone. So the memories you've got in your head, but you can't look at them and say, 'Hi Mum, hi Dad'.' Wilkinson doesn't have insurance for the property. After the 2021 floods, which saw about a metre of water enter her home and much of the contents be destroyed, only one company would offer her flood insurance, but the premium they were asking exceeded the amount she got for her pension each year and so she couldn't take it up. She has had a lot of community and family help clearing the property, and is staying with her sister in town until the home is habitable again, but isn't sure whether this home – that has been in her family for nearly 50 years – is one she could stay in for the long term. After the devastating northern rivers floods of 2022, the NSW government instituted a buyback scheme in which the government buy properties in areas at risk of flooding from property owners, with the option to move that home to a new location in some cases. Wright says we may have reached a tipping point where we need to start having conversations about moving people – and even whole communities – off flood plains and out of the line of future disasters. These are big and challenging conversations, he acknowledges. 'We are so far from knowing how to respond in a collective sense. I think we're suffering policy failure in this area. And again, looking at somewhere like Lismore and … our inability handle that on what in Australia really should be a manageable scale, to help a vulnerable community like that. I don't think it bodes well for the recovery of the people of the Manning.' Asked whether she would consider accepting a buyback if the government were to institute such a program in Taree, Wilkinson is initially emphatic. 'I'd never move. Even if they paid me to move, I wouldn't move.' But then she stops for a moment. 'Maybe I might reconsider that, not moving. After all, it depends how much they offer, I guess, so you can set up somewhere else. Yeah, I guess I might reconsider it. I have to give that a bit of thought. I love it out here, but sometimes, as we're getting so old, maybe it's a good thing that we do move. 'You worry about the next one, don't you?'
Yahoo
17-05-2025
- Business
- Yahoo
Braveheart Investment Group Insiders Lose Out As Stock Sinks To UK£0.022
The recent 40% drop in Braveheart Investment Group plc's (LON:BRH) stock could come as a blow to insiders who purchased UK£104.6k worth of stock at an average buy price of UK£0.037 over the past 12 months. Insiders purchase with the hope of seeing their investments increase in value over time. However, due to recent losses, their initial investment is now only worth UK£64.0k, which is not great. While we would never suggest that investors should base their decisions solely on what the directors of a company have been doing, we do think it is perfectly logical to keep tabs on what insiders are doing. Our free stock report includes 5 warning signs investors should be aware of before investing in Braveheart Investment Group. Read for free now. In the last twelve months, the biggest single purchase by an insider was when CEO & Non-Executive Director Trevor Brown bought UK£91k worth of shares at a price of UK£0.035 per share. That means that even when the share price was higher than UK£0.022 (the recent price), an insider wanted to purchase shares. It's very possible they regret the purchase, but it's more likely they are bullish about the company. To us, it's very important to consider the price insiders pay for shares. Generally speaking, it catches our eye when an insider has purchased shares at above current prices, as it suggests they believed the shares were worth buying, even at a higher price. The only individual insider to buy over the last year was Trevor Brown. Trevor Brown bought a total of 2.85m shares over the year at an average price of UK£0.037. The chart below shows insider transactions (by companies and individuals) over the last year. By clicking on the graph below, you can see the precise details of each insider transaction! View our latest analysis for Braveheart Investment Group Braveheart Investment Group is not the only stock that insiders are buying. For those who like to find small cap companies at attractive valuations, this free list of growing companies with recent insider purchasing, could be just the ticket. Many investors like to check how much of a company is owned by insiders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. It appears that Braveheart Investment Group insiders own 28% of the company, worth about UK£405k. We've certainly seen higher levels of insider ownership elsewhere, but these holdings are enough to suggest alignment between insiders and the other shareholders. The fact that there have been no Braveheart Investment Group insider transactions recently certainly doesn't bother us. On a brighter note, the transactions over the last year are encouraging. Overall we don't see anything to make us think Braveheart Investment Group insiders are doubting the company, and they do own shares. In addition to knowing about insider transactions going on, it's beneficial to identify the risks facing Braveheart Investment Group. When we did our research, we found 5 warning signs for Braveheart Investment Group (4 don't sit too well with us!) that we believe deserve your full attention. Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-05-2025
- Yahoo
Lawsuit filed against propane company involved in deadly 2024 Sterling home explosion
The Brief A lawsuit has been filed against Southern States, the propane company involved in a deadly 2024 home explosion in Sterling, Va. The suit alleges negligence and gross negligence, arguing that the company knew about the dangerous condition of the propane tank that caused the explosion. The home explosion killed firefighter Trevor Brown, injured 13 others and leveled the home. STERLING, Va. - A wrongful death lawsuit has been filed following the devastating propane explosion that killed a firefighter and injured a dozen others when a home was blasted apart in Sterling last February. The family of the late firefighter, Trevor Brown, and others who were injured in the explosion are suing Southern States energy company and two of its employees. The suit alleges negligence and gross negligence, arguing that the company knew about the dangerous condition of the propane tank that caused the explosion and failed to act. The backstory Three years ago, Southern States refilled the tank at the home at 347 Silver Ridge Drive without addressing critical noted safety issues. The lawsuit says this decision put everyone in harm's way. In February 2024, the homeowner called up Southern States, saying they smelled gas. The company reportedly told the homeowner not to call the fire department because it was not an emergency. "What's even more egregious is my client, who is a volunteer firefighter, is on a speakerphone with the manager from Southern States and telling him this is an emergency and there's an argument back saying it's not. That's not just egregious. It's simply crazy," said Demetry Pikrallidas, Attorney at Pikrallidas & Probasco. Regardless, around 7:30 p.m. officials received a 911 call about the smell of gas outside the house. Loudoun County firefighters responded to the reported gas leak at the residence. Investigators later determined an underground propane tank was leaking, prompting firefighters to request a hazardous materials team and evacuate the home's occupants. Less than an hour after the 911 call was placed, around 8:25 p.m., units reported a "catastrophic explosion" with multiple firefighters inside the home. The structure was fully leveled, trapping several firefighters and sending debris flying. Dig deeper The lawsuit alleges Southern States did not follow proper safety procedures, including failing to train employees adequately, allowing the propane to leak unchecked into the surrounding area. They are seeking millions of dollars in damages for wrongful death, physical injuries, and emotional suffering. "It's just a shocking, shocking case," Pikrallidas said. "When you don't alert people, it's almost like ignoring what you know is wrong. And when you tag a tank and you take it out of commission, you should have proper documentation and when your callback to service that tank, there ought to be one million red flags." What's next There is also a criminal investigation separate from what was filed on Friday. The location of the home is being turned into a memorial for the firefighter that lost his life. They plan to put a rock and plaque here and build a nature park. FOX 5 is told the land was just cleared just a few days ago and the landscaping will start soon. Report details Virginia house explosion that killed firefighter Sterling house explosion caused by leaking 500-gallon propane tank; damage costs $2.5M Firefighter killed in fiery Virginia home explosion remembered as devoted father, volunteer Sterling house explosion: 500-gallon propane tank found leaking ahead of fatal explosion
Yahoo
26-03-2025
- Business
- Yahoo
Omega reports successful flow test results from Canyon-1H well in Australia
Australian exploration company Omega Oil and Gas has announced successful flow test results from its Canyon-1H horizontal well in Queensland's Bowen Basin. The well, located in the Taroom Trough, demonstrated strong oil flows following a fracture stimulation programme. The test began on 13 March 2025 and concluded on 23 March 2025. It captured sufficient data to model long-term well performance. The Canyon-1H well achieved peak flow rates of 452 barrels of oil per day (bopd) and 600,000 standard cubic feet per day of gas. Future development wells are expected to have lateral lengths of 2,000m or more, optimising completion for the fluid system. The 24-hour sustained rates for a 2,000m lateral section translate to 987bopd and 1.45 million standard cubic feet per day (mscf/d). Expressed as a gas rate, this equates to 7.37mscf/d equivalent or 1,228 barrels of oil equivalent per day. Laboratory tests confirmed the oil at 49.5 API (American Petroleum Institute), similar to oil from nearby fields. Omega Oil and Gas CEO and managing director Trevor Brown said: "I am delighted to announce the outstanding results of Omega's successful flow test of our Canyon-1H well. While we were anticipating commercial flow rates of a large-scale gas play, we have discovered an additional large-scale oil play. The primary objective of the programme has now been achieved by demonstrating what we believe will be commercial hydrocarbon flow rates from our attractive acreage area. 'Producing oil from this well test provides huge upside to our pre-drill position. Omega's Canyon project now has two very attractive commercialisation pathways to be further appraised. To obtain such strong flow rates from a relatively short horizontal indicates that our development wells will be strong producers. 'We can already draw favourable comparisons with wells in some of the best unconventional liquids production areas in the US. The Canyon-1H drilling, fracture stimulation and flow testing programme was flawlessly and efficiently executed.' During the nine-day flow period, the well recovered 4.186mscf of gas, 1,987 barrels of oil and 8597 barrels of water. 'The successful application of horizontal drilling and fracture stimulation technology on our project has provided an important, high-quality data set indicating that Omega's Canyon Project Area contains an extremely exciting play of significant scale poised to play a large role in Australia's energy future,' Brown added. The Canyon-1H well is currently shut in, with wellhead pressure build-up being monitored. The rapid pressure build-up indicates favourable reservoir conditions. Omega plans to use the production data to understand well decline rates and ultimate recoveries for the liquid-rich project area. The company is developing a detailed plan for the project's next steps, focusing on further delineation and derisking of the resource. Key milestones include verifying liquids commerciality, resource booking in the second half of 2025, and a well programme to delineate and derisk gas and liquids plays. Omega is also advancing discussions with interested oil and gas parties on development pathways including ongoing partnering discussions. "Omega reports successful flow test results from Canyon-1H well in Australia" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
