Keybridge questions WAM Active’s bid structure

13 January 2020

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.

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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.

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