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SEVEN Group Holdings has been given first-stage approval by the corporate regulator to proceed with its controversial takeover of Nexus Energy.
The decision by the Australian Securities & Investments Commission to give the green light to the $180 million bid for Nexus is dependent on court approval of the bid, which has met with ongoing opposition from shareholders who get nothing from the deal.
The acquisition of the oil and gas company is an important asset in the Kerry Stokes-controlled SGH expansion into the resources sector.
The approval comes as Nexus administrators McGrath Nicole last week submitted 20,000 pages of documents to the court, including significant changes to an initial report from Lonergan Edwards & Associates that found in favour of the deal.
Lawyers for the shareholders were successful yesterday in having the court hearing into the final court approval delayed until December 16 on the basis there was not enough time to review the information by this week.
ASIC said in a letter to lawyers for McGrath Nicole that it had decided to grant the application “in principle” but ASIC’s decision “does not take effect until a formal instrument of relief is executed”.
Despite agreeing to sign off on the deal pending court approval, ASIC said it made its decision based on the independent experts report.
It has been claimed Seven has been accused of using its acquisition of Nexus debt to deliberately run down the value of the company. Shareholders also claim Don Voelte was conflicted in his dual role as Seven managing director and Nexus chairman, despite claiming he excused himself from any takeover negotiations.
Another offer of 5.3c a share was made just three days before Mr Voelte stood down as Nexus chairman on February 18, with the offer lapsing to shareholders the day before he stood down.

http://www.theaustralian.com.au/bus...134838713?nk=3d63fe6aeefbafb4c4b52f4ba94ff153

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