Andrew Abercrombie takes the Takeovers Panel to High Court
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The news: Humm Group founder Andrew Abercrombie has launched High Court proceedings against his own company, as well as the Takeovers Panel, ASIC, Credit Corp and activist shareholder Jeremy Raper.
The context: This follows a review by the Takeovers Panel, which found that Abercrombie’s $9.6 million purchase of shares in Humm Group was under “unacceptable circumstances”.
The Takeovers Panel also deemed the Credit Corp acquisition misleading because it failed to disclose that an independent board committee would not be formed in relation to the bid, despite that being the condition of the proposal.
Abercrombie is now seeking a judicial review to quash the panel’s declaration of unacceptable circumstances and is demanding written reasons behind the decision.
He also seeks declarations that the voting restriction order is invalid, raising a constitutional challenge over whether the panel has the legal authority to restrict voting rights ordered in April.
The source: ASX
