Another quiet month on the activism front in Australia with the two recent campaigns both involving founders targeting Companies they set up.
In August, Si6 Metals had two 249D notices issued to them from interests associated with Patrick Volpe, the founder and former Chairman of Si6. The first notice, on 6 August proposed to elect Volpe and one other as directors and remove two current members of the board, Chairman Patrick Hollywell and Director Joshua Letcher. On 12 August, the first notice was withdrawn without an explanation. The company then announced, on 16 August, it had received a second notice requesting a meeting to consider the same resolutions that had been contained in the first. A meeting is set to take place in mid-October.
At the beginning of September, Raiz Invest received a notice from an entity controlled by George Lucas, Raiz’s founding director and CEO. The notice sought to remove three of the four Non-Executive directors including Independent Chair Kevin Moore, as well as two Independent Non-Executive Directors, Kelly Humphreys and Nina Finlayson. Two weeks after receipt of notice, it was announced that Brendan Malone would be appointed as Joint Group CEO and Executive Director, alongside George Lucas. The changes, it was announced, were designed to strengthen the leadership structure. Furthermore, Kevin Moore and Nina Finlayson both agreed to step down. Following the announcement of those changes, the 249D notice was withdrawn.
|George Lucas||Raiz Invest||249D Notice||Remove three of the four non-executive directors.||02/09/2021|
|George Lucas||Raiz Invest||249D||Resolution withdrawn after announcement of changes to the Board.||2 weeks|
Three Months Activity
|New Activist Campaigns||2||2||1|
|Activists Win at Meeting||1||1||0|
|Company Wins at Meeting||0||1||0|
|Settled before meeting / Requisition withdrawn||1||1||1|