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
Selfwealth has provided an update on the status of its scheme implementation deed with Bell Financial Group as well as whether rival bidder Svava remains in the picture.
Magellan Financial Group has reported its first half FY25 results while appointing a new chief financial officer and promoting Sophia Rahmani to chief executive.
Schroders Australia has launched two active ETFs and plans to further expand its listed range over the year ahead.
Platform Netwealth has reported its financial results for the first half of FY25, reporting an 80 per cent increase in net flows, with its CEO viewing a “huge opportunity” from private assets.
