Only one day after Superloop (ASX:SLC) effectively accused Aussie Broadband (ASX:ABB) of failing to correctly comply with the former’s constitution – and Singaporean corporations law – ABB has gone to the Federal Court in Victoria.
Here’s some background before we get into the meat of today’s announcement.
ABB had recently acquired a 19.9% stake in Superloop. But on Monday, the latter informed the market it had asked ABB to reduce its holding to 12%.
In short, when ABB picked up its 19.9% stake in Superloop, it had failed to tick all the right boxes where relating to Singaporean securities formalities, and, Superloop’s own constitution.
An announcement released by Superloop on Monday squared the blame of the error on Aussie Broadband. SLC also implied ABB had acknowledged the fault.
So it’s probably fair to say then that shareholders could be surprised ABB has gone to the Federal Court to set aside Superloop’s notice.
ABB has also approached the Singaporean “Info-communications Media Development Authority” (IMDA) to get a greenlight from Singapore to maintain its 19.9% stake.
ABB kicked off its legal proceedings yesterday – after the market had closed at 4pm AEDT – “to restrain Superloop from acting upon or giving effect to the Notice.” Each of Superloop’s directors are also implicated.
Remember, though, that Superloop had said ABB was the one at fault.
Interesting development to watch.
Superloop shares were up 4.68% to $1.23 at 11.20am AEDT on Tuesday; while ABB shares were down -1.96% to $3.50.