Tap Oil v Risco Energy
Risco Energy nominees Chris Newton and Govert Van Eck have been appointed to the Board of Tap Oil while Tap Oil’s executive Chairman, James Menzies, and existing Directors Peter Mansell and Andrea Hall have resigned from their posts.
As a result, the Special Meeting was cancelled.
Genetic Technologies v Activist Investors
A group of activists led by Irwin Biotech who collectively own 5% of shares have, in essence, gained control of the firm. A General Meeting held on 31 January saw the removal of Executive Director Eutollio Buccilli and the appointment of three new ones. Following these appointments Directors Malcolm Brandon and Grahame Leonard resigned from the Company.
Long term Director Paul Kasian has been appointed as the new Chairman.
Kin Mining v Group of shareholders
A group of shareholders who own at least 5% of shares in Kin Mining requisitioned a meeting under section 249D to consider the removal of director David Sproule.
Following the requisition notice, David Sproule resigned from the Board and the group of shareholders withdrew their request under section 249D.
Metgasco v M&A Advisory
M&A Advisory put forward a Notice of Intention to move resolutions for the removal of directors of Metgasco. The activist has put forward three resolutions to shareholders to remove Alexander Lang, John Patton and Philip Amery from the Board.
This follows an announcement by the majority of the Board seeking to remove fellow Board member Andrew Purcell, M&A Advisory’s nominee to the Board.
John Patton is the Board nominee of known activist Keybridge Capital, which owns 18.7% of stock.
Wilson Asset Management v Aurora Global Income Trust
Wilson Asset Management has requested Aurora Global Income Trust hold a shareholder meeting to remove Aurora Funds Management as the fund’s responsible entity. Aurora has responded saying it had considered Wilson’s request but would not convene a meeting.
In 2016, prior to Wilson’s attempt, a group of shareholders failed in their bid to remove Aurora Funds Management as the Responsible Entity.
Myer v Premier Investments
Solomon Lew’s Premier Investments, Myer’s largest shareholder, has said that it will request an EGM to remove the entire Board. Premier Investments would need over 50% of Myer’s shareholders to vote in favour of the resolutions.
In a letter to its fellow shareholders, Premier said the removal of Myer’s CEO and promotion of chairman Garry Hounsell to Executive Chairman will not help Myer’s declining sales. In the letter Lew also said “Myer has a discredited chairman for a CEO, a failed board, a dead strategy, declining sales and profits, an artificially-inflated balance sheet and massive liabilities”.
Auris Minerals v Dissident Shareholders
A group of investors in Auris Minerals has requisitioned a meeting under section 249D, seeking the removal of directors Bronwyn Barnes and Elizabeth Vearncombe and the appointment of Neville Bassett and Brian Thomas. Both directors were unaware of the investors’ intentions to remove them from the Board. The date of the meeting will be announced in due course.
Sandon Capital’s Managing Director, Gabriel Radzyminski has called on the Board of Specialty Fashion to reconsider its strategy and consider an equity raising, instead of selling assets “at a suboptimal price”. The activist which called on Fleetwood Corporation to dump underperforming businesses around a year ago, has since praised the company following its recently announced portfolio divestment.
Thorney Investment Group
Thorney, founded by Alex Waislitz, has been particularly active during February, increasing its stake to 19.3% (+3.6%) of shares on issue in Murray River Organics. It also built a stake in oyster grower Angel Seafood with 7.7%. The activist emerged as a cornerstone investor in recently listed ReadCloud with 13.4% of stock, as well as acquiring 10.1% in Zenith Energy.