As 2020 wraps up, many people will be happy to say goodbye to the year. With a year so different to anything we have experienced, it’s no surprise that activism among Australian companies was relatively quiet this year, with fewer companies targeted overall. However many that were targeted, were targeted multiple times and seemed to get no relief.
At the beginning of November, Carpentaria Resources received a notice to remove Paul Cholakos as a director, and two weeks later it received another notice to remove Peter Graham and appoint Bryan Granzien. The company has called a virtual meeting to vote on all three resolutions which will be held on 30 December.
Oliver’s Real Foods gave into its activist by appointing one of their two nominated directors just before the meeting was set to take place. This prompted the requisitioning shareholders to withdraw their notice.
Yowie Group has been targeted a number of times this year. In October, Keybridge Capital requisitioned a shareholder meeting to have two directors appointed to Yowie’s board. The resolutions were subsequently combined into the Annual Meeting to be voted on by shareholders. After some delay in verifying votes, one of Keybridge’s two nominees, Nicholas Bolton, was appointed to Yowie’s board as a non-executive director.
Arowana Contrarian Value Fund has added a recent request to change the composition of the board by including them as additional resolutions at its upcoming AGM. Global Value Fund (GVF) requested the removal of three directors from Arowana. The request came after GVF put forward an unsolicited merger proposal. The independent Directors decided GVF’s proposal was unlikely to generate more certainty of value and liquidity than the Sale and Distribution Proposal that was already put forward to shareholders. The directors of Arowana have advised shareholders to vote against the added resolutions at the meeting on the 15th of December.
Here’s to 2021 being a better year.
|Concerned shareholders||Carpentaria Resources||249D Notice||Remove Peter Graham as director and appoint Bryan Granzien. Meeting has been combined with first notice and will be held on 30 December.||23/11/2020|
|Staude Capital||Arowana Contrarian Value Fund||Annual Meeting - Additional Resolutions||Removal of three directors, Kein Kwan, Kevin Chin, and Michael Barker - added to annual meeting to be held on 15 December.||20/11/2020|
|Concerned shareholders||Carpentaria Resources||249D Notice||Remove Paul Cholakos as director. Meeting has been combined with second notice and will be held on 30 December.||10/11/2020|
|Concerned Shareholders||Oliver's||Settled before meeting/ Requisition withdrawn||The company appointed one of the two nominated directors only a day before the EGM, prompting the activists to withdraw their request.||8 weeks|
|Concerned Shareholders||Glennon Small Companies||Company Wins at Meeting||Shareholders did not vote to elect Tricia Klinger as director at AGM.||8 weeks|
|Keybridge Capital||Yowie Group||Activists Win at Meeting||Resolutions combined into annual meeting held on 27 Nov. Nicholas Bolton appointed as non-executive director.||7 weeks|
|Wilson Asset Management||Contango Income Generator||Settled before meeting/ Requisition withdrawn||WAM and Contango reached a restructuring deal prompting WAM to withdraw its 249D notice.||7 weeks|
Three Months Activity
|New Activist Campaigns||7||5||3|
|Activists Win at Meeting||0||0||1|
|Company Wins at Meeting||1||1||1|
|Settled before meeting / Requisition withdrawn||1||2||2|