How funny it is that the Australian regulator not going to take action as fund management withdrawn their scheme but regulator didn't bother to ask fund regulator whether they were aware of how voting was carried out up until the date of the decision of the withdrawal announced to market , was there any possible chances that had the scheme continued then it would have damaged shareholder as alleged in this case in my opinion.
Not sure what sort of example in corporate world this will lead, where any company in future try to make mickey out of shareholder and in an absence of strong retail/institutional investor such as Baauer Pty Ltd they will simply propose such schemes look at the voting and continue with it ... IMO ...
Doesn't this means a child can be approached by stranger, who offer a chocolate to the child and cop won't take any action including bothered to check background of stranger, motive of the stranger on parent's complain as stranger simply went away after offering chocolate ??... lol ..... ! (I am not lawyer but just giving opinion on this)...!
in my opinion, the takeover panel should have heard the inquiry listen to both party, look at whether CD2 withdrawn after they became aware of voting or any other legal or other letters from other shareholders , was there possibility of shareholder losing money or being disadvantaged had the scheme progressed because from corporate governance point of view a responsible entity shouldn't be putting forward anything that could disadvantage shareholders... in my opinion... after listening to argument from both party, then only panel should have made their final decision in my opinion.
anyways, well done to Baauer family for taking this to take over panel in my opinion.
CD2 Price at posting:
$1.15 Sentiment: None Disclosure: Not Held
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