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.
Recommended for you
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.
Three solutions providers – Betashares, Franklin Templeton and Russell Investments – have all launched new ETF products, including one range which uses gearing to help build wealth.
Platinum Asset Management chief executive, Jeff Peters, has shared a progress update on its newly announced turnaround strategy.
There is a role for advisers using inflation-linked bonds in portfolios, according to AXA IM, as the possibility of higher inflation necessitating another US rate hike is not out of consideration.
