https://www.miningweekly.com

ATON welcomes tribunal’s M&R voting-rights ruling, despite restrictions

ATON welcomes tribunal’s M&R voting-rights ruling, despite restrictions

Photo by Dylan Slater

18th June 2018

By: Terence Creamer

Creamer Media Editor

     

Font size: - +

Investment company ATON, which is seeking to acquire Murray & Roberts (M&R), has welcomed a Competition Tribunal ruling opening the way for it to vote all its shares at a general meeting at which M&R shareholders will vote on the merits of a proposed transaction with Aveng.

The meeting is scheduled for 10:00 on Tuesday June 19 at M&R’s offices in Bedfordview.

The tribunal convened on June 15 to hear augments for and against the imposition of limitations on ATON’s voting rights after M&R lodged an urgent application in which is requested the tribunal to enforce a voting limitation on ATON.

M&R argued that ATON should only be entitled to vote those shares that the German firm accumulated prior to March 22; the day prior to the issuance of a firm intention letter stating that ATON would make an offer to acquire control of M&R. The restriction would have limited ATON to voting around 30% of the shares it holds in M&R instead of the 44% it has accumulated in total.

In its ruling, the tribunal interdicted and restrained ATON, or its agents, from exercising voting rights representing more than 50% less one vote. However, ATON would be allowed to vote its shares unless attendance at the general meeting was below a threshold whereby ATON’s shares would constitute 50% or more of the votes.

ATON said it would abide by the ruling, but argued that a low attendance rate for the general meeting was “highly unlikely”.

The company also reiterated its objection to the Aveng transaction, which it has dubbed a “poison pill” designed to thwart its takeover of M&R.

In fact, ATON a said in a statement that it remained “steadfastly against the value destructive Aveng transaction” and described M&R’s approach to the tribunal as “yet another frustrating action”.

However, the M&R independent board reported in its statement that a meeting on the proposed Aveng transaction had been held with ATON in Munich, Germany, on June 13 and had been “conducted in a constructive spirit”.

“As previously communicated to shareholders, the board will continue to seek to engage ATON regarding the [Aveng] transaction with the objective to solicit its support for the potential transaction.”

M&R stressed that the general meeting would decide whether or not to further explore the potential transaction with Aveng and not to approve the transaction.
 

Edited by Creamer Media Reporter

Comments

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer
Gold, hydrogen, mining boost make headlines
Gold, hydrogen, mining boost make headlines
15th March 2024
Magazine round up | 15 March 2024
Magazine round up | 15 March 2024
15th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.086 0.117s - 88pq - 2rq
Subscribe Now