From Business Spectator 6 May 08: "On the surface, and subject to the courts, ANZ has a dangerous Opes legal position. The Takeovers Panel said the bank should have disclosed its substantial share interests when it exceeded 5 per cent in any of the Opes network of companies. And Mr Justice Finkelstein has concluded that ANZ had rights over the shares which enabled the bank to sell them."
From 17 May 08 edition: "Clients were the beneficial owner of shares ...while ANZ was only the custodian...as far as back as March 2005 Opes Prime had the following on its website: 'Whilst your securities are lodged with Opes Prime and held by our custodian, ANZ Nominees, you remain the beneficial owner of the securities and therefore are able to participate in corporate actions'" ...we have s672 notices from ANZ on record confirming the bank thought this was indeed the case, with their logo on the FSG as 'custodians and bankers' confirming they allegedly endorsed clients ownership.
anz dangerous legal position
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