8IP Emerging Companies vs Aurora Funds Management
Resolutions put forward by Aurora Funds Management to appoint nominees Anthony Hartnell, John Patton and Victor Siciliano, were defeated at the 8IP Emerging Companies General Meeting, with more than 65% of shareholder supporting the current Board.
Aurora, which owns just under 20% of 8EC, had put forward resolutions to remove the company’s three directors and appoint their own nominees. Following discussions with 8EC, Aurora agreed to withdraw the resolutions relating to the removal of current directors Kerry Series, Jonathan Sweeney and Tony McDonald.
8IP has since appointed Geoff Wilson, Founder and Chairman of Wilson Asset Management, and Robin Burns to the Board. Robin Burns previously served as MD and CEO of Equity Trustees and EquipSuper and was CEO of Risk at AXA Australia.
Infigen Energy v Dissident Investors
Dissident shareholders who own 6% of stock, comprising Vijay Sethu and Lim Chee Meng, have withdrawn their meeting requisition to amend the constitution of Infigen Energy Limited and Infigen Energy Trust.
The activists have agreed to sell some or all of their shares in the Company. Brookfield Asset Management has since appeared as a substantial shareholder with 9%, indicating they see their investment as a strategic stake for the long-term.
Watpac v Sandon
Watpac’s Annual General Meeting, where shareholders will consider the Scheme of Arrangement with its major shareholder BESIX Group, is scheduled for June 7. If the Scheme is approved, BESIX will hold 64.1% of Watpac shares. Sandon has warned the deal does not represent good value to existing shareholders and deemed it opportunistic. When the announcement was released, Sandon Founder Gabriel Radzyminski said “The argument and rationale in favor of the Besix proposal is flawed. Besix should go back to Belgium.”
Sandon holds approximately 3% of shares in Watpac.
Myer Holdings has appointed John King as CEO and MD, following the resignation of Richard Umbers due to poor results and pressure from activist investor Solomon Lew.
Caravel Minerals v Cooke Group
Caravel submitted an application to the Takeovers Panel stating that Mr Cooke and other requisitioning shareholders are associated with other shareholders which would bring their combined voting power to over 30%. The Takeovers Panel has since declined to restrict the voting rights of dissident investors of Caravel Minerals.
The dissident shareholder group has requisitioned a General Meeting to consider the removal of three existing directors and the appointment of Alasdair Cook and Alexander Sundich. The meeting is to be held on Monday 7 May.
Auris Minerals v Dissident Shareholders
A group of dissident shareholders led by Mandevilla has led a successful campaign to remove Bronwyn Barnes and Susan Vearncombe from the Board of Auris Minerals. Mandevilla nominees, Neville Bassett and Brian Thomas, have been elected the Board.
Another dissident, Michael Fotios, had put forward a resolution to remove Director Paul Martin however, this was rejected by shareholders.
Prior to the Meeting Auris had sought to restrict the voting rights of the activist shareholders however the Takeovers Panel declined on the basis that there was no “reasonable prospect that it would make a declaration of unacceptable circumstances”.
Mineral Commodities v Au Mining
Mineral Commodities (MRC) received a notice under section 249D of the corporation act from Au Mining to elect David Baker and Michael Gibson to the Board.
MRC said Au Mining’s nomination was not received in accordance with the Constitution and therefore MRC was not required to include the resolutions put forward at the AGM.
MRC will take the necessary steps to convene a General Meeting.
Optiscan Imaging vs Dissident Shareholders
Optiscan’s Ian Griffiths, Alan Griffiths and Peter Francis have resigned from the Board as Non-Executive Directors and will be replaced by Graeme Mutton and Darren Lurie.
Two dissident shareholder groups are currently attempting to instigate Board change with a meeting scheduled for Thursday 10 May. One group is seeking to replace all Directors bar Ian Mann, and elect their own nominees, while the other is wanting to preserve the current Board and remove Mann.
Chief Technology Officer Peter Delaney is leading one group and resigned from the company in late March but has since withdrawn his resignation.
DataDot Technology v Dissident Shareholders
A group of investors seeking to replace Chairman Gary Flowers, CEO Temogen Hield, and Stephen Wilks with their own nominees has been defeated.
At its AGM, DataDot’s shareholders elected to preserve the current Board, with votes in excess of 60%.
Metgasco Board Spill – Alexander Lang, John Patton and Philip Amery vs Andrew Purcell
Three directors of Metgasco successfully removed fellow director Andrew Purcell from the Company’s Board at its General Meeting, with 57.7% voting for his removal.
Andrew Purcell had countered the attack by his fellow directors by issuing his own requisition notice seeking the support of shareholders to remove three Directors, including Chairman Alexander Lang. Andrew Purcell, through his company M&A Advisory, holds a 19.7% interest in Metgasco and raised concerns regarding possible related party transactions and undeclared associations involving two of the directors, John Patton and Philip Amery, and shareholders of Metgasco.