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- Keybridge (KBC) has commenced proceedings against WAM Active (WAA) due to matters of the improper transfer of shares by WAM
- In early January, WAM opened an offer for shares in Keybridge as part of an off-market takeover
- On March 6, WAM improperly transferred over 16 million of Keybridge shares from 96 shareholders into its own name
- Today, Keybridge Director Anthony Catalano, announced he intends to make an off-market offer to those 96 shareholders for 7 cents per share
- To resolve this issue, Keybridge is wanting the processed shares to be granted to Australian Securities and Investments Commission for sale and wants WAM to pay for the costs
- Keybridge has not traded on the ASX since being suspended last year, with shares last trading for 7.1 cents each
- While WAM is up 0.53 per cent on the market and is selling shares for 95 cents each
Keybridge (KBC) has commenced proceedings against WAM Active (WAA) due to matters of the improper transfer of shares by WAM.
In early January, WAM opened an offer for shares in Keybridge as part of an off-market takeover.
On March 6, WAM improperly transferred over 16 million of Keybridge shares (8.5 per cent of its issued capital) from 96 shareholders into its own name.
Today, Keybridge Director Anthony Catalano, announced he will intend to make an off-market offer to those 96 shareholders, who were impacted by WAM’s actions, paying 7 cents per share.
“The Offer represents a premium to the 6.9 cents per share those shareholders were attempting to achieve by selling into WAM Active’s last takeover bid, which closed with all acceptances being declared void, and may provide certainty to those impacted,” the company explained.
To resolve this issue, Keybridge is wanting these processed shares to be granted to Australian Securities and Investments Commission (ASIC) for sale and for WAM to pay Keybridge the costs.
Keybridge is looking for declarations for the breach of section 650G of the Corporations Act and the transfer of the processed shares is void.
The company is also wanting “an order that WAM does all things necessary to give effect to these orders, including doing whatever is necessary to ensure that ASIC is registered with title to the Processed Shares.”
Currently, WAM has not responded to the court proceedings.
Keybridge has not traded on the ASX since being suspended in July 2019, with shares last trading for 7.1 cents per share. While WAM is up 0.53 per cent on the market and is selling shares for 95 cents each.
