http://www.smh.com.au/business/full-steam-ahead-despite-bikie-bus...

http://www.smh.com.au/business/full-steam-ahead-despite-bikie-bust-20130508-2j7z2.html?skin=text-only

Sharing the anger

Wednesday's item about the Takeovers Panel giving the Silman family a rap on the knuckles over goings-on at World Oil has brought angry shareholders in listed cashbox Lemarne Corporation out of the woodwork.

According to the panel, the family snapped up 30 per cent of World Oil without declaring an association or making a takeover bid. It ordered ASIC to seize and sell shares held by the family in excess of the 20 per cent threshold at which a takeover bid must be lodged.

Among findings made by the panel after delving into the family's spaghetti-like business interests was that Ariel Silman's Ariel Nominees was associated with his father Maurice's Rokeba Nominees. By sheer coincidence, last year the same two companies piled into Lemarne, building a combined stake of 30.9 per cent.

Rokeba became a substantial shareholder on September 28, declaring it held 11.16 per cent of the company and Ariel followed suit on October 22 with 19.75 per cent. Ariel Silman didn't return CBD's call to his office.

Lemarne doesn't have a business, having sold off its Malaysian electronics factory in November 2011. That left it with cash of $5.11 million, although by the end of March it had managed to reduce the pile to a more manageable $2.86 million.