ASIC declined to comment.
The matter is expected to be heard laterthis year.
Late last year, Ms Hutson filed civil actionagainst G8 Education in the Supreme Court of Queensland alleging the companyhad not paid her legal costs.
The legal costs related to the ongoinginvestigation by ASIC into the affairs of the company that was commenced by theregulator in 2015.
ASIC’s investigation relates to G8Education’s failed takeover bids for Affinity Education in 2015.
Affinity received three takeover offersduring 2015. Two offers were from G8 Education that valued the company at $162million or 80 cents per share. A third offer from private equity outfitAnchorage Capital Partners that valued the company much higher at $208 million.
Anchorage’s third offer should have knockedG8 Education out of the race, but some of Affinity’s shareholders baulked atthe deal.
The Takeovers Panel stepped in after acomplaint from Affinity that a shareholder had accepted G8’s rival offerdespite it being less than the one from Anchorage.
At the time of Anchorage’s offer G8Education had declared to the Australian Securities Exchange that it hadpurchased around 25 per cent of Affinity’s shares.
However, the Takeovers Panel found thatinterests linked to Ms Hutson had built up stakes in Affinity together totaling10 per cent that had not been declared.
As a result, the Takeovers Panel made G8Education sell its shares in Affinity and withdraw its bid.
Anchorage finally won the battle forAffinity in early 2016 and took the company private.
G8 Education shares were hit hard in earlyDecember, falling 23 per cent in a single trading day, after an earningswarning.
It delivered a weaker-than-expected fullyear result in February with its net profit flat compared to 2016 at $80.5million.
The company’s shares closed Friday at $2.80.The company did not respond to requests for comment on Sunday.
Sarah Danckert
Sarah Danckert is a business reporter.
News: GEM Australia's ASIC Says Former Chair Of G8 Education Committed To Stand Trial After A..., page-8
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
91.5¢ |
Change
0.020(2.23%) |
Mkt cap ! $705.9M | |||
| Open | High | Low | Value | Volume |
| 89.5¢ | 91.5¢ | 89.0¢ | $7.772M | 8.513M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 12484 | 90.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 92.0¢ | 78492 | 6 |
View Market Depth
| Last trade - 16.10pm 25/07/2025 (20 minute delay) ? |
| GEM (ASX) Chart |