27/11/2017 - 11:35

Tap takes action over major shareholders

27/11/2017 - 11:35

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Tap Oil has submitted an application to the Takeovers Panel requesting the disclosure of details surrounding major shareholders Risco Energy Investments and Chatchai Yenbamroong, and for the pair to be restrained from voting at the company’s annual meeting.

Tap Oil has submitted an application to the Takeovers Panel requesting the disclosure of details surrounding major shareholders Risco Energy Investments and Chatchai Yenbamroong, and for the pair to be restrained from voting at the company’s annual meeting.

The panel said today it had received the application, which also asks for shares in the major shareholders to be vested in the Australian Securities and Investment Commission.

The application follows an announcement by Singapore-based Risco last week that it plans to move a series of resolutions at the meeting, namely the removal of executive chairman James Menzies, non-executive director Peter Mansell and Risco’s existing nominee on the board, Tom Soulsby.

Tap claims that Mr Yenbamroong and Risco have become associated with each other in contravention of the Corporations Act.

The company says Mr Yenbamroong has a 22.5 per cent stake in the company while Risco has 22.1 per cent, which includes holdings by Suncastle Equities.

The panel said Tap also had concerns with who was the ultimate controller of Risco’s Tap shares.

“Tap also submits that Risco and Suncastle have failed to comply with the substantial holder provisions by failing to disclose the ultimate controller of Risco’s Tap shares,” the panel said in a statement.

Tap is seeking interim orders that Risco disclose the interests of the ultimate controller of its Tap shares and that Tap’s major shareholders disclose their association and be restrained from exercising their voting rights in Tap relating to director change resolutions.

The company has also sought final orders that the major shareholders lodge corrective substantial holder notices regarding their relationship and be restrained from voting.

“Tap also seeks a final order to the effect that shares in which Tap’s major shareholders have relevant interests in total exceeding 20 per cent be vested in ASIC,” the panel said.

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