NextDC v 360 Capital Group v Asia Pacific Data Centre (APDC)
NextDC’s failed bid for APDC led to it making a takeovers panel application in an attempt to delay the merger between APDC and 360 Capital. NextDC now owns 29.1% of APDC stock after its A$1.87 bid lapsed. 360 Capital’s Offer was deemed superior to NextDC’s at A$1.95 per share. 360 Capital currently owns 39.3% of APDC stock and its Offer has been extended until 20 November 2017.
The Takeovers Panel declined to conduct proceedings.
BPS Technology Ltd v Alceon Group and LHC Capital
BPS Technology’s General Meeting was held on Friday 3 November 2017. All nine resolutions put forward by activist investors Alceon Group and LHC Capital to oust the current Board, and replace them with their own nominees, were voted down by shareholders.
The BPS Board advises that it is continuing to engage with the requisitioning shareholders in good faith and endeavour to seek an outcome which advances the best interests of the Company as a whole and all of its shareholders.
Myer v Premier Investments
Solomon Lew controlled Premier Investments, which owns an ~11% stake in Myer has issued a letter to investors in which it criticised the company’s poor investments and the fact it had not invested in frontline customer service.
Lew claims to have been trying to engage the Board since May 2017 and was told that directors were unable to meet until November 2017. Unsuccessful talks were held earlier this month to aim to agree on three nominee directors. Premier has stated it will attend November’s General Meeting and vote all its shares against all director nominations put forward by the company – it urges its peers to do the same.
Myers responded to Lew’s criticism saying it was ‘disappointing and unsurprising’. The directors urge shareholders to support its current Board.
Molopo v Keybridge Capital & Aurora Funds Management
Activist investor Keybridge continued its assault on Molopo, writing to shareholders urging them to support their nominee William Johnson. The activist wants to remove Director and interim Chairman Alexandre Gabovich.
Keybridge, which is Molopo’s second largest shareholder with an 18.5% stake, expressed concerns that the company remains suspended from trading on the ASX and has been in breach of the Corporations Act since July 2017. It also stated that the Company had paid A$8.75m to an overseas based individual without shareholder approval.
In addition to Keybridge attempting to gain Board representation, Aurora Funds Management has launched an Off-Market Takeover bid of A$0.135 per share for all the shares in the embattled company. Aurora’s Offer is open until 19 January 2018.
Earlier this year the Takeovers Panel found that Keybridge and Aurora were associated in relation to their respective investments in Molopo.
Vocus v Janchor
Following Vocus Group’s third profit warning in nine months, private equity firms Kohlberg Kravis Roberts and Affinity Equity Partners pulled their matching bids of A$2.2b with neither giving a firm reason.
Activist shareholder Janchor Partners increased its ownership to 7.7%.
Vocus has lined up assets to sell in order to cut debt and reduce pressure with the rollout of the NBN. The Company said that it continues to receive offers from unnamed parties, which are interested in its assets.
RNY v Aurora Funds Management
On 6 October 2017, RNY recommended shareholders accept Aurora Fund Management’s bid of 1.5 cents, after the Bidder made the Offer unconditional, saying it was unlikely that an alternative cash liquidation would provide superior results.
Aurora Funds Management increased its Takeover Offer for RNY Property Trust to 1.7 cents per share and extended the acceptance period to 2 November 2017. The Offer closed with Aurora acquiring 79.78% of RNY shares.