Shareholder Activism


Australia is second only to the USA for the number of companies targeted by activists each year, if you think it can’t happen to you, think again.

Ensuring you are prepared is critical

  • Monitor your register. Look for activist investors, over 80% of activism in Australia is home grown
  • Gather intelligence. Capture independent feedback from shareholders and key influencers
  • Assess Vulnerabilities. Be aware of what triggers activism – think like an activist – and know where you sit on the risk continuum

Effective engagement with key stakeholders matter

  • Activist Shareholders. Most are motivated to add value and improve shareholder returns
  • Institutional shareholders. Majority believe activism adds value to a target company and want evidence the Board is listening and talking to activists
  • Retail shareholders. Need to be brought on board through a well-orchestrated call campaign
  • Financial Media. Monitor the media, nominate a spokesperson to ensure consistent messaging

FIRST Advisers has been advising companies and working with activist shareholders for the past decade. This experience enables us to offer our clients a unique perspective, challenging preconceptions and developing a campaign strategy tailored to achieve success.

Clients choose FIRST Advisers because we combine this deep experience with our 24/7 commitment to media management, high-quality register analytics and in house shareholder engagement team, to deliver relevant and consistent information to the company’s shareholders.

2018 Activist Campaigns



Aurora Funds

Activist Defence re Board Spill
(April 2018)



M&A Advisory

Activist Campaign re Board Spill
(April 2018)



Meal Tiger

Activist Campaign
re Board Composition
(Dec 2017–Jan 2018)


1-Page vs Merchant Capital: Replacing the Board
Ardent vs Shareholder Group: Board Composition
Empire Oil & Gas vs previous CEO: Board Composition
ALE Property vs Caledonia: Board Composition
BPS Technology vs Alceon/LHC: Replacing the Board
Fund Manager Cooper vs Eureka Group Holdings: Board Composition
Molopo Energy vs Keybridge Capital: Defence Against Board Spill
Institutional Shareholders vs Praemium: Board Spill and Reinstatement of CEO
BP Foundation vs Bellamy’s Australia: Board Spill 2017
Samuel Terry Asset Management Wind-Up of Aims Property Fund
CVC Limited vs Bionomics: EGM
LIM Advisors vs AMP Capital China Growth Fund: EGM 2016/2015
Carpentaria Exploration: Board Spills 2015/2014/2013/2012
Intrepid Mines: Board Spills 2015/2014/2013
CVC Limited vs Amadeus Energy: Board Composition
AACO: Board Composition