Keybridge questions WAM Active’s bid structure
WAM Active’s 20% holding takeover bid in Keybridge from Bentley Capital raises various issues associated with the potential need for shareholder approval by one or more ASX listed companies before Bentley is permitted to accept the bid, according to Keybridge.
In an announcement to the Australian Securities Exchange (ASX) the firm said it had raised the issue with both Bentley and WAM Active as Keybridge considered that shareholders needed to know whether Bentley was currently precluded by ASX listing rule 10.1 from accepting the WAM Active takeover bid. It said it would affect the likelihood of the minimum acceptance condition of the WAM Active takeover bid being satisfied.
Keybridge also noted that the bidder’s statement did not contain a defeating condition requiring the obtaining of an approval in relation to the listing rule 10.1 by Bentley or disclosed the obtaining of a definitive ruling or relief from ASX.
The listing rule 10.1 required that certain acquisition and disposal transactions by ASX listed companies that involved more than 10% shareholder did not occur without shareholder approval.
Following this, Geoff Wilson and his associates owned 16.22% of Queste Communications and 5.9% of Orion Equities where Queste controlled Orion and Orion appeared to control Bentley.
AUTHOR
Oksana Patron
Recommended for you
Grant Hackett has been promoted from CEO of Generation Life to head up the wider Generation Development Group.
Tribeca Investment Partners has made a distribution hire from Australian Ethical in a newly-created role focused on the national intermediary market.
Asset managers may be urged to diversify their product ranges, but investment executives have warned any M&A deal should avoid simply filling gaps and instead consider long-term value creation.
Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equity firm.
