Bell Rock ask for review of Takeovers Panel call on Whitehaven
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The news: Bell Rock has requested a review of a Takeovers Panel decision that found the investment manager failed to disclose its stake in Whitehaven. Bell Rock was involved in an activist shareholder action against Whitehaven's acquisition of two coal mines.
The numbers: Bell Rock held a long position in Whitehaven via derivatives instruments which gave it voting rights in excess of 5% in June 2022, but the fund failed to disclose this as required. The fund's undisclosed long position in Whitehaven increased to as much as 13.04% in June 2023.
The context: Bell Rock campaigned for Whitehaven shareholders to block the miner's acquisition of two coal mines owned by a BHP-Mitsubishi alliance. The Takeovers Panel on Wednesday found Bell Rock had tried to influence shareholders ahead of Whitehaven's AGM and had increased its stake the miner without informing the market. It ordered Bell Rock to give Whitehaven and the ASX a corrective notice.
The sources: ASX Announcement, Takeovers Panel Decision
