ATON VOTING RIGHTS
Tribunal ruling fails to dash M&R’s Aveng hopes
The Murray & Roberts (M&R) board has not given up on its bid to implement a merger with Aveng despite a Competition Tribunal ruling that appeared to kill off its chances of pushing through the necessary resolution at Tuesday’s shareholders’ meeting. Asked if it was considering an appeal of the tribunal’s decision, M&R group investor and media executive Ed Jardim said that Tuesday’s meeting would go ahead but that "if we decide to proceed with an appeal, it will be for meetings to be held going forward". Jardim did not specify what meetings. Given that the tribunal has allowed Aton to vote 50% minus one share at Tuesday’s meeting, it seems unlikely there will be a second shareholders’ meeting on the Aveng transaction. The M&R board needs to secure 50% shareholder backing for its resolution on Tuesday to take the transaction to the next stage. That stage involves securing the approval of the Takeover Regulation Panel to put the Aveng deal to a shareholder vote. In addition to the 50% ...
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