Shareholder Activism

Our experience

Our lawyers are experienced in advising both activist investors and non-executive directors of ASX 200 companies in responding to activist demands.

In recent years, shareholder activism has increasingly become a topic of interest and strategic discussion in corporate boardrooms and across the media and analyst community. With a thriving activist contingent, dedicated activist funds increasing their funds under management and a favourable legal system, the Australian market is primed for more activity.

ABL acts for investors and hedge funds as well as ASX-listed companies, and has represented both activist shareholders and target boards in recent high-profile activist campaigns.

Each activism campaign presents unique challenges and opportunities. Combining our corporate law, governance and dispute resolution expertise, our activism team is able to assess each situation from all perspectives and strategically advise on the best course of action to achieve clients’ commercial and reputational objectives. Our team is experienced in working with the full range of stakeholders involved in activist situations including proxy advisors, public relations firms, investment banks and independent financial advisors.

In 2016, ABL partnered with Activist Insight (now Diligent) to produce a report providing the first detailed analysis of activist investing trends and insights in Australia.

Read the report here

“A firm that values your business and that you can get frank and fearless advice from.”

Client quote

Our work

Merlon Capital Partners

Acting for Merlon Capital Partners in relation to its activism campaign against AMP Limited in relation to AMP’s $3.3bn divestment of its life insurance business.

Solomon Lew

Acted for one of Australia’s most successful businessmen, Solomon Lew, in relation to the $2 billion off-market takeover by Woolworths South Africa for Country Road Limited, along with the related David Jones’ $2.2bn scheme of arrangement.

Mark Carnegie

Acted for prominent businessman Mark Carnegie and M.H. Carnegie & Co Pty Ltd in a long-running action to join with investor, Perpetual Limited.

Bruce Mathieson Group

Advised BMG, the largest shareholder of ASX-listed licenced hotels and retail drinks business, Endeavour Group, on the successful campaign for Board-level change.

Saba Capital

Acted for New York activist investor, Saba Capital, in relation to its stake in Australian investment fund, Pengana International Equities, and the ASX-listed Magellan Flagship Fund and Magellan Global Fund.

Alta Fox

Acted for US activist investor Alta Fox in its campaign against ASX-listed EML Payments.

Premier Investments

Acting for Premier Investments in its attempt to spill the board of Australian department store retailer Myer and replace with an independent board of directors.

Abercrombie and Humm

Advised Humm director and major shareholder, Andrew Abercrombie, in relation to Latitude Financial’s bid to acquire Humm Group’s consumer finance business.

Redcape Property Group

Acting for Redcape Property Group in relation to a shareholder activism campaign seeking a liquidity event for shareholders.

VGI Investments

Acted for VGI Investments in relation to a securityholder activism campaigns in relation to VGI’s two listed investment companies (ASX: VG1 and ASX: VG8).

ARA Asset Management

In relation to its campaign to appoint Dr Gary Weiss AM and Mr Joe Gersh AM to the board of Cromwell Property Group.

Slea

In relation to a landmark shareholder dispute between Slea Pty Ltd and one of Australia’s largest mortgage aggregation businesses, Connective.

Shareholder Activism services

Advising shareholders on:

all aspects of their strategic planning and approach including formulation of ‘white papers’ and public statements
constructive board engagement while navigating Australia’s insider trading regime
stake building and potential implications for any future take-private strategy
information requisitions under the Corporations Act
calling of extraordinary general meetings, shareholder engagement and proxy solicitation campaigns
hostile transaction options and the limitations of shareholder power to interfere with management of a company
seeking regulatory intervention from ASIC, ASX and/or the Takeovers Panel, and
Annual General Meeting planning, including attendance and public statements and strategies around remuneration strike voting.

Advising companies on:

strategies to avoid being targeted by activist shareholders
pre-emptive planning and response strategies
public engagement and responses to information requisitions
responding to shareholder convened or requisitioned meetings
shareholder engagement and proxy solicitation campaigns and engaging with proxy advisors
seeking regulatory intervention from ASIC, ASX and/or the Takeovers Panel
Annual General Meeting planning, including attendance and public statements and strategies around remuneration strike voting, and
business continuity, non-ordinary course transactions and raising equity in the face of a shareholder activism campaign.