Source: http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=media_releases/2012/020.htm&pageID=&Year=
Friday, March 16, 2012
Careers Australia Group Limited - Panel Accepts Undertaking and Declines to Make a Declaration of Unacceptable Circumstances [15/03/2012]
Thursday, 15 March 2012. The applicants submitted, among other things, that Cirrus (and White Cloud Capital Advisors Limited as advisor of White Cloud Capital Fund Limited) intentionally undertook a strategy of reducing the number of Careers Australia shareholders to 50 or less to avoid the requirements of Chapter 6 of the Corporations Act 2001 (Cth). The Panel was concerned with the circumstances surrounding the strategy employed by Cirrus, including that the offers were selectively made to some Careers Australia shareholders and were made while Cirrus held (but had not converted) convertible notes which could give it a voting power of 45.29% in Careers Australia.
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