Three months into 2021 and activism in Australia is still almost non-existent.
ASX Listed and New Zealand based Powerhouse Ventures received a notice from a group of shareholders to convene a meeting to change the board. In the middle of March the company received a notice from the shareholders stating their intention to issued a 249D to remove the directors, with a formal notice coming at the end of the month. The shareholders are looking to remove three directors and replace them with four of their own nominees. The company has yet to set a meeting date.
Wrapping up the month, once again Excelsior’s shareholders, led by Warwick Sauer and Bavaria Industries Group failed to gain traction at the meeting they called. After months of hitting the Company with notices, the most recent one was looking to amend the constitution of Excelsior which would limit the board’s ability to raise cash. Shareholders voted against the activists with the resolution failing to pass at the meeting.
New Activism
| Activist/s | Target | Approach | Requisition | Lodged |
|---|---|---|---|---|
| Concerned Shareholders | Powerhouse Ventures | 121B | Appoint four nominees and remove three Directors. | 25/03/2021 |
Resolved Campaigns
| Activist/s | Target | Meeting | Outcome | Resolution Period |
|---|---|---|---|---|
| Concerned Shareholders | Excelsior Capital | 249D Notice | Resolution to modify the Company's constitution not passed. | 7 weeks |
Three Months Activity
| Activist/s Action | Jan | Feb | Mar |
|---|---|---|---|
| New Activist Campaigns | 1 | 2 | 1 |
| Activists Win at Meeting | 1 | 0 | 0 |
| Company Wins at Meeting | 1 | 0 | 1 |
| Settled before meeting / Requisition withdrawn | 0 | 0 | 0 |