Nike Air More Uptempo Navy/White
by the need to seek shareholder approval.
ACSI call to tighten deal standards
ASX listing rules say shareholder approval is needed if a company equity is increased by more than 15 per cent through a share issue. But this does not apply to takeovers, even if, as in Roc case, equity on issue is being more than doubled to make the purchase.
ASX listing rule 7.2, exception 5, permits the issue of securities in a takeover without a shareholder vote. This is so listed companies can participate in takeovers on an equal basis with unlisted Nike Air More Uptempo Varsity Red/Black-white
flared in the planned $800 million friendly merger of Roc Oil and Horizon Oil, which has been structured so that Roc shareholders, who will own 42 per cent of the merged company, cannot vote on the deal.
not clear why there is shareholder protection against somebody issuing 20 per cent of the company to other people you have a right to vote on that but if they say a takeover and we issuing 95 per cent you have no right to vote on that. It seems bizarre. Glass Lewis said shareholders should be able to vote on these deals. exemption is at odds with what we consider to be a tenant of standard corporate governance practices, namely the right of shareholders to have a say in matters that will significantly dilute their ownership interests or otherwise transform the nature of the entity in which they are owners, CGI Glass Lewis analyst Mark Grothe said in a report on the Roc Horizon deal.
Under ASX listing rules, shareholder approval is not needed for a company to issue large amounts of equity if it is being done as part of a takeover deal.
The call has been backed by other corporate governance advisers who say the rules allow game changing deals to be done by boards without shareholders getting a say.
The issue has Nike Air Uptempo Black And Pink
is a hole in the rules that allows this to happen, Martin Lawrence, from advisory firm Ownership Matters said.
be raising the issue Nike Air More Uptempo Navy/White with the ASX fundamentally, it a market integrity issue. Hagart said the problem was that investors buying shares in Australian companies could not be certain they would have a say if the companies they in were being taken over.
companies listed in London, New York, Singapore and Toronto, you would have a vote on this type of proposal.
current Australian standards are an anomaly when compared to other developed markets around the world, Mr Hagart told The Australian.
entities and are not disadvantaged Uptempo Nike Air Wheat
ACSI chief Gordon Hagart said the listing rules were almost unique to Australia and meant investors could not be certain they would get a vote if a company they held struck a friendly deal to be taken over.
The powerful Australian Council of Superannuation Investors says stockmarket rules that let companies be taken over without shareholder approval are a risk to market integrity and should be changed.
As has happened in the deal, this means takeovers can be structured so that a smaller company technically takes over a larger one without shareholders of the smaller company having a say.
Governance advisers have backed ACSI call.
Polo Ralph Lauren Cap Beige
Uptempo Nike Air Atl
Nike Air More Uptempo Obsidian
Nike More Uptempo Price
Nike Air Max Uptempo 95 Ebay
Ralph Lauren Polo Ebay Uk
Nike Air More Uptempo Mens Basketball Shoe
Ralph Lauren Crop Top White
Nike More Uptempo Gym Red
Polo Ralph Lauren T Shirts
Nike Uptempo Iridescent
Nike Uptempo Heat Map
Nike Air Total Max Uptempo Amazon
Nike Uptempo Maroon Release Date
Tommy Hilfiger Shirts For Boys