Ann: TOV: DNA 03R Panel Declines to Conduct Proceedings, page-34

I thought this was an interesting comment in the ‘Reasons for decision’ documentation published by the Takeovers Panel.

“In preliminary submissions, the Requisitionists submitted that their not having provided information to date should not be taken to infer an association with the Somboon Family Associates. Rather, they submitted that they are deeply dissatisfied with the management of Donaco and consider that Mr Stuart McGregor (Donaco’s non-executive Chairman) and Mr Reichel (who were directors at the same time as Mr Joey Lim and Mr Ben Lim) should be held equally accountable for Donaco’s performance as Mr Joey Lim and Mr Ben Lim."

Firstly, if this were the case why did they call for all directors to be removed given most have not been involved in the 'poor performance' at Donaco?

Secondly, this comment seems to contradict Gerald Tan previous actions. Prior Donaco releases claimed that Gerald Tan did not vote for the removal of Joey Lim and Benjamin Lim at the first EGM. This would suggest he had no problem with the performance of the company at the time. Now he thinks Stuart McGregor and Ben Reichel should be held equally accountable for Donaco’s poor performance?Seems odd.