Almost halfway through the year, and while activity remains subdued in the activist space, those that have put forward requisitions targeting boards have had some success.
Concerned shareholders in Powerhouse Ventures proposed a change of board in March. The shareholders were looking to remove three directors, appoint four nominees, as well as change the strategy. The morning that the meeting was due to take place, Powerhouse announced that the request for a meeting had been withdrawn. Further to this announcement, the Company stated that the board had been restructured with three of the activist’s nominees appointed. Announcements were also released to ASX regarding the three targeted directors with Nitesh Patel resigning and both Russell Yardley and Geoff Gander moving from executive to non-executive roles on the Board.
Bassari Resources was targeted at the beginning of the year by BCM International, David Swan and Suda Pty Ltd. The group of concerned shareholders set the meeting for the beginning of May, during which all resolutions were passed with a poll resulting in the removal of Alexander Mackenzie as a director of the Company and the appointment of the three nominees put forward.
1St Group announced the receipt of a 249D notice in the middle of May. The concerned shareholders who put forward the notice were looking to remove three directors and appoint three nominees in their place. Two weeks later, and before the meeting could be called, the Board announced that they had not decided to contest the meeting resulting in the three members of the board stepped down, and the appointment of the activists’ three nominees.
|Concerned Shareholders||1ST Group||249D Notice||Remove three members of the board and replace with three nominees.||11/05/2021|
|Concerned Shareholders||1ST Group||Withdrawn||The three targeted directors step down and appoint the nominees.||2 weeks|
|Concerned Shareholders||Powerhouse Ventures||Withdrawn||Meeting withdrawn as the Company announces three of the nominees are appointed with one of the targeted directors resigning and the other two taking non-executive roles.||8 weeks|
|BCM International, David Swan and Suda Pty Ltd||Bassari Resources||Activists Win at Meeting||The removal of Alexander Mackenzie as director, as well as the appointment of the three nominees was passed at the meeting.||15 weeks|
Three Months Activity
|New Activist Campaigns||1||1||1|
|Activists Win at Meeting||0||1||1|
|Company Wins at Meeting||1||0||0|
|Settled before meeting / Requisition withdrawn||0||1||2|