The corporate watchdog has appointed Morgan Stanley Wealth Management Australia to sell more than two million disputed shares in Perth-based media firm The Market Herald.
The Australian Securities and Investment Commission today announced it had appointed the global firm to sell 2,061,343 ordinary shares in TMH following last month’s decision by the Takeover Panel.
The Takeovers Panel made final orders in June in relation to an earlier finding of unacceptable circumstances around two entitlement offers by TMH, which it said lacked disclosure regarding the association of some shareholders.
The investigation found that substantial shareholder David Argyle and his son Gavin Argyle – also a substantial shareholder and a company director – “became associated for the purpose of controlling or influencing the composition of TMH’s board or the conduct of its affairs”.
Today’s announcement follows the Takeover Panel decision last month to vest the shares in the Commonwealth for sale by ASIC.
The shares represent a 0.64 per cent stake of TMG’s issued capital.
Under the arrangement, Mr Stanley will aim to secure the best sale price for the shares and dispose of them within six months from his appointment.
David and Gavin Argyle, TMH non-executive chairman Alec Pismiris, Kasey Linney and Eric Rosenal and their associates will be banned from acquiring any of the sale shares.
Also under the sale process, prospective purchasers will need to provide a statutory declaration that they are not associated with the five individuals.
