How independent from Euroz is Westoz in its decision making on investments in the funds it manages?
Presumably Euroz would prefer that ZEN remained ASX listed so that there was an ongoing source of fees when ZEN undertakes capital raises in the future?
Does Westoz have a free hand to make a decision in the interests of the funds it manages or will the Euroz Securities Limited relationship with ZEN management mean that Westoz will be instructed by Euroz to support ZEN management through voting yes in the scheme vote?
Are Westoz/Euroz actually buying ZEN shares to support ZEN management through removing available shares from the market that might otherwise be purchased by No supporters? Is it legally possible for Euroz to be earning a fee to do this?
Maybe I’m getting way to cynical rather than taking the Westoz weekly report dated 3 June at face value when it opening expresses disappointment that the scheme consideration wasn’t increased. It will be interesting to see if there is further comment in this weeks report (presumably due 10 June).
Rereading the Substantial Holding Notice, it appears that Westoz’s purchases are actually split between their two listed funds - Ozgrowth (OZG) and Westoz Investment Company (WIC). Westoz are raiding both cookie jars to go all out purchasing ZEN shares last week. WIC haven’t disclosed ZEN as a major investment in their monthly reports previously, so assume it existing investment has been bundled into the ‘Other’ category.
ZEN Price at posting:
98.5¢ Sentiment: Hold Disclosure: Held
