ESR and Centuria Capital battle for Propertylink
ESR Real Estate has placed a $693 million cash takeover offer on the table for Propertylink. This comes only a day after Centuria Capital requisitioned a meeting to replace all but one member of Propertylink’s board.
Centuria Capital is seeking to prevent Propertylink from going through with a hostile takeover bid for Centuria Industrial by changing up the board. It is looking to protect its investments in both Centuria Industrial and Propertylink by replacing the incumbent board with a majority of independent directors.
ESR’s takeover is conditional on Propertylink not going ahead with the Centuria Industrial takeover. As the largest Propertylink shareholder, ESR stated that “When they launched the bid for Centuria Industrial we looked at it, we looked at the numbers and we didn’t like it. They are offering to pay a big premium for the Centuria Industrial assets at the expense of the Propertylink security holders”.
Aurora seeking to overturn 6 month old vote
Aurora is back again, this time the activists are suing 8IP Emerging Companies and looking to overturn the results of a six month old proxy contest in which Aurora’s attempted to appoint three nominees to the board were comprehensively rejected.
At the meeting in April, Aurora’s nominees only received 17.7% in favor of their election. Prior to the meeting Aurora had been looking to remove all incumbent directors, however an agreement was reached with those resolutions being withdrawn, leaving only Aurora’s nominations for the board to be considered.
The company has released a statement saying the litigation relates to the voting by Bond Street, National Nominees, and HSBC Custody Nominees and that the company intends to vigorously defend the proceedings.
The review of votes was overseen the company’s share registry, Boardroom Pty, and an independent scrutineer monitored the counting of the votes at the meeting.
Yowie looking to remove Aurora’s board seat
Yowie Group’s board members have recommended shareholders remove a director nominated by Aurora Funds Management. This is in response to Aurora seeking to remove Louis Carroll as Chairman.
In April, William Johnson was given a seat on the board at Aurora’s request, despite the board saying he lacked qualifications and experience. Aurora has just under 20% of Yowie.
Johnson is now looking for investors to vote against the re-election of Louis Carroll and Glen Watts as director. Yowie’s incumbent directors have said that they see this move as “damaging and disruptive to the company.” The meeting will take place on October 8.
Activist GTT looking to change up Accelerate Resources board
Activist investor GTT Global Opportunities has called a meeting to change up part of the board at Accelerate Resources. GTT is seeking to remove both non-executive chairman Grant Mooney and non-executive director Terry Topping from the board. In addition, it is looking to have one of its directors, Charles Thomas, appointed to the board.
Accelerate is reviewing the notice and, once deemed valid, it has said that it will call a meeting within the next two months.
Accelerate’s two other directors have both said that GTT’s interests are not in the best interests of all investors. Their concern is that the resolutions are a way for “GTT to implement its strategy and gain access to the company’s cash asset”. The company has said that it would vote its shares against the resolutions.
Unlisted public company Bullseye Mining, which has been the subject of a hostile takeover from Red 5 for the past nine months, has had another rough month.
The Australian Takeovers Panel had been requested by Hongkong Xinhe Investment Company to issue an order to stop Bullseye shareholders for voting for resolutions related to transactions between the company and Desmond Mullan at the meeting on September 17.
To avoid the Takeovers Panel decision, Bullseye announced in a letter to shareholders that it had withdrawn the Mullan resolutions and that they would instead be considered later in the year, at the same time as the transaction with Resource Development Group Limited.
On a separate issue, Bullseye was faced with a proxy contest from dissident director Qiyuan Wu and his Fountain Enterprises to remove three directors and replace them with two new ones. At the meeting on September 17 the resolutions put forward by Wu did not pass. Shareholders voted against the removal of Peter J Burns, Peter G Burns, Mullan, as well as against the appointment of Clark and Qui. The only resolution voted ‘for’ was the removal of Wu.
In relation to Red 5’s takeover offer, Red 5 only holds 1% of Bullseye and has received no acceptances.