ASIC enquiry finally sought

http://www.theaustralian.com.au/bus...s/news-story/a5f1fb4f61d000aed694f899b1bac688
Watchdog inquiry sought into Jan Cameron’s stake in Bellamy’s
Bellamy’s may ask ASIC to investigate Jan Cameron’s shareholding structure. Picture: Sam Rosewarne.
The Australian12:00AM January 23, 2017
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BEN BUTLER
Business reporterMelbourne
Embattled baby formula company Bellamy’s will ask the corporate watchdog next week to investigate whether Jan Cameron, who is leading a campaign against its board, should be forced to admit she controls the Black Prince Private Foundation, which has a 14.5 per cent stake in Bellamy’s.
The Curacao-registered Black Prince has admitted in recent days that it is linked to Ms Cameron and her long-time lawyer, Rodd Peters, through a complex web of companies in tax havens around the world.
However, it stopped short of admitting that Ms Cameron had a “relevant interest” in the shares, which would require her to put in a substantial shareholder notice.
It is believed that Bellamy’s will approach the Australian Securities and Investments Commission after it failed to get more information about the exotic structure from Ms Cameron.
Bellamy’s will ask ASIC if Ms Cameron and Black Prince have told the market enough about their relationship or if more details should be provided — potentially including a substantial shareholder notice.
ASIC, which declined to comment on Bellamy’s yesterday, is known to be keeping a close eye on the company.
The baby formula maker has been battered by two profit downgrades in the space of a month, the departure last week of chief executive Laura McBain and Ms Cameron’s campaign to eject four directors and replace them with new members chosen by her and Black Prince.
Ms Cameron, who returned to Australia yesterday from a brief overseas trip, did not respond to text messages.
Bellamy’s decision to call in ASIC comes as the board and Ms Cameron begin contacting shareholders to win them over to their positions, ahead of a meeting on February 28 to decide the future of the company.
Ms Cameron, who claims 35 per cent of Bellamy’s shareholders are lined up behind her, wants non-executive directors Patria Mann, Launa Inman, Michael Wadley and Charles Sitch removed and replaced with her slate: her, Mr Peters, Chan Wai-Chan and Vaughan Webber. She has complained that Bellamy’s once-buoyant share price continues to sink and wants to leave open the possibility that Ms McBain might return to the company.
Bellamy’s chairman Rob Woolley regards the board tilt as an unwelcome distraction from curing the ills of the company and complains that all but one of the proposed new members — Mr Webber — “do not appear to have any listed company experience”.
In a letter to shareholders on Thursday, Mr Woolley also raised concerns about Black Prince’s opaque ownership and its relationship with Ms Cameron, who controls an additional 2 per cent of the company through her Australian charity, the Elsie Cameron Foundation.
“Bellamy’s has written to Jan Cameron directly to request that she urgently provide it with particulars regarding her total Bellamy’s holdings, her relationship to Black Prince and any other matters which may impact on her independent status or are relevant to a decision to elect her as a director,” he said.
“She has not responded or provided any information.”