Aton fumes over ‘conflict of interest’ after make-or-break M&R vote
Aton says the vote ‘was heavily influenced by a major conflict of interest by a large shareholder base in M&R’
An "insider" block of 11% of Murray & Roberts (M&R) shares held by the group’s executive incentive schemes and empowerment trusts helped to secure the necessary support for the M&R board to pursue its proposed transaction with Aveng, Aton said on Tuesday evening. "It’s reasonable to assume that these M&R shareholders have a clear conflict of interest," said Aton, adding that "together these holdings proved decisive in today’s vote". When asked to confirm who voted the shares, Eduard Jardim, M&R’s group investor and media executive, told Business Day it did not disclose the voting of particular shareholders. A total of 92.28% of M&R shareholders voted, with 52.6% voting to pursue the merger proposal. This suggests Aton, with 44% of the votes, was almost the only shareholder to vote against the resolution.
Aton’s response indicates the battle is far from over, but the setting is likely to move from the competition authorities to the takeover regulation panel. "The next step … wi...
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