July was a quiet month for Activists
Five 249D notices were announced this month, with two resulting in scheduled meetings. One of the notices was deemed invalid and the other two withdrawn before a meeting was set.
PepinNini Lithium had a meeting requisitioned by Cuprum Holdings to remove two of three directors and to appoint Cuprum’s nominee in their place.
Orion Equities also had a meeting requisitioned to remove two of three directors, with no nominees put forward. This was the second meeting requisitioned recently for Orion, and came a week after a previous requisition had been deemed invalid. The first requisition looked to remove Farooq Khan as director. Mr Khan subsequently announced that he would retire and stand for re-election at the upcoming AGM. The second meeting has called for both Farooq Khan and Victor Ho to be removed with a meeting set to be held at the end of August.
Troy Resources is being targeted by hedge fund company RAMcap with a requisition notice to remove John Jones as Director and reduce Director fees. The first resolution was found invalid and therefore Troy Resources announced the meeting would only address the second resolution. Upon asking RAMcap to withdraw the second requisition after clarifying what the directors were actually paid in previous years, RAMcap’s website responded with additional requests. RAMcap announced it was considering a fresh initiative to remove both Stern and Jones as directors and to replace them with its own unnamed nominees, as well as moving its corporate office from Perth to Sydney, where RAMcap is located. The directors urged shareholders to vote against the resolution.
Winding up this month, Donaco International’s shareholders, Spenceley Management and Antonia Caroline Collopy, won with an overwhelming majority to remove Directors Joey and Benjamin Lim from the board. Following the meeting, Argyle Street Management withdrew its request for a meeting to remove the directors and appoint two of its own nominees, with the company announcing that it is looking at giving Agyle Street a representative as part of the board renewal.
Reffind had two meetings requisitioned this month, with the first being deemed invalid and the second being withdrawn two weeks after it was requisitioned, with no reason given. Factor Therapeutics’ also had their 249D withdrawn, without any reason given.
Meanwhile, activist Aurora withdrew its takeover offer for Yowie Group. Aurora cited the company’s performance as getting worse, however Yowie disagreed and welcomed the withdrawal of what it characterised as an extremely unattractive bid. Aurora now has form in relation to withdrawing from takeovers. Only the previous month it withdrew its bid for 8IP Emerging Companies in response to a decision by the Fund to pursue a wind up and return of capital to investors.
|Cuprum Holdings||PepinNini Lithium||249D Notice||Remove two of three directors, appoint one nominee. Meeting has yet to be called.||23/07/19|
|Ryan Yearsley||Reffind||249D Notice||Remove David Jackson from board and replace with Ryan Yearsley.||15/07/19|
|RAMcap||Troy Resources||249D Notice||Remove John Jones as director and reduce director fees. First resolution deemed invalid. Meeting will only consist of second proposal. Meeting to be held on 10 September||10/07/19|
|Thunderdome and JIT Investment||Orion Equities||249D Notice||Removal of two of three directors. Meeting to be held on 28 August.||4/07/19|
|Veritas Advisory (representative of Argyle St)||Donaco International||249D Notice||Demanded appointment of two directors, or call the matter to a vote (249D if not appointed).||1/07/19|
|Aurora Dividend Income Trust, a vehicle of Aurora Funds Management||Yowie Group||Takeover Withdrawn||Aurora has pulled its takeover offer for Yowie.||10 weeks|
|Ryan Yearsley||Reffind||Withdrawn||Requisition withdrawn, no reason given.||2 weeks|
|Veritas Advisory (representative of Argyle Street Managment)||Donaco International||Withdrawn||Request for 249D meeting withdrawn, Discussision with Argyle Street on appointing ASM representative to board as part of Board renewal process.||3 weeks|
|Spenceley Management and Antonia Caroline Collopy||Donaco International||Activists Win||Directors removed with nearly 94% support.||7 weeks|
|Richsham Nominees, DC & PC, Alitime Nominees and Pamela Christine Neesham||Factor Therapeutics||Withdrawn||Requisition withdrawn, no reason given.||2 week|
|Ansteel||Gindalbie Metals||Shareholders voted in favor of the merger and spinoff, despite oposition from Sandon Capital.||16 weeks|
|Ryan Yearsley and Savvas Hatsisavvidis||Reffind||Invalid||Notice deemed invalid.||1 week|
Three Months Activity
|New Activist Campaigns||5||6||5|
|Activists Win at Meeting||3||1||1|
|Company Wins at Meeting||5||1||0|
|Settled before meeting / Requisition withdrawn||2||4||3|