ABL Corporate Law Seminar Series: Shareholder Activism (Session One)

04/28/2021 11:30 am 04/28/2021 01:00 pm Australia/Melbourne ABL Corporate Law Seminar Series: Shareholder Activism (Session One)

To watch this past event, click play on the video below:

Are shareholders powerless to act when a company board makes poor decisions or destroys shareholder value? Or do shareholders have the ability to force change? Must a board act at the behest of its shareholders?

Join Jeremy Leibler, Partner in the Corporate and M&A team at Arnold Bloch Leibler and Vidushee Deora, a Senior Associate in the Corporate and M&A team at Arnold Bloch Leibler, as they deep-dive into a case study spanning over 2 years, 5 general meetings and 3 court cases, to examine the various legislative tools and strategies shareholders can employ to effect change in listed companies.

The key players are ABL’s client, ARA Asset Management Limited (ARA), a leading Asia Pacific real assets fund manager which, in conjunction with its associates, has approximately SGD $119 billion in gross assets under management across 28 countries and ASX-listed Cromwell Property Group (ASX:CMW) (Cromwell), which operates across Australia, New Zealand and Europe and has approximately A$11.5 billion assets under management.

The story begins in May 2018 – ARA acquires a 19.9% stake in Cromwell to become its largest shareholder, a move which is strongly supported by the Cromwell Board. Following an initial honeymoon period, relations between the two property giants sour in 2019, after Cromwell intentionally excludes ARA from a capital raising and rejects repeated calls for a strategic overhaul, following decline in performance and revelations of a heavily bloated balance sheet and corporate spending, reminiscent of an era long gone.

The next 2 years involve ARA, with the assistance of its advisers, undertaking a fierce campaign to improve Cromwell’s performance and gain representation on Cromwell’s Board. Join us on 28 April 2021, to learn about ARA’s hostile proportional offer under the takeover provisions of the Corporations Act, the various pieces of litigation it commenced and defended (including proceedings in the Takeovers Panel) and the results of the spill meeting, in which all of Cromwell’s directors were forced to stand for re-election.


About Arnold Bloch Leibler

Arnold Bloch Leibler (ABL) is one of Melbourne’s most revered and prominent law firms, renowned for its commitment to excellence and its forward-thinking approach. ABL's standing within the legal profession has been built over more than 60 years. Many of the values, characteristics and defining qualities from ABL's early beginnings continue to shape the firm as it stands today.

ABL prides itself on providing strategic guidance and solving complex issues related to clients’ commercial interests, legal position and reputation. Operating as a professional practice rather than a corporatised business, ABL offers a small firm feel with a big firm reputation, possessing influence within legal, business and political circles.

ABL brings together the expertise of following Partners from seven of its fourteen Practice Groups in delivering the Corporate Law Seminar Series for the benefit of Monash Law students.

Event Details

Date:
28 April 2021 at 11:30 am – 1:00 pm
Venue:
Online (Zoom)

Description

To watch this past event, click play on the video below:

Are shareholders powerless to act when a company board makes poor decisions or destroys shareholder value? Or do shareholders have the ability to force change? Must a board act at the behest of its shareholders?

Join Jeremy Leibler, Partner in the Corporate and M&A team at Arnold Bloch Leibler and Vidushee Deora, a Senior Associate in the Corporate and M&A team at Arnold Bloch Leibler, as they deep-dive into a case study spanning over 2 years, 5 general meetings and 3 court cases, to examine the various legislative tools and strategies shareholders can employ to effect change in listed companies.

The key players are ABL’s client, ARA Asset Management Limited (ARA), a leading Asia Pacific real assets fund manager which, in conjunction with its associates, has approximately SGD $119 billion in gross assets under management across 28 countries and ASX-listed Cromwell Property Group (ASX:CMW) (Cromwell), which operates across Australia, New Zealand and Europe and has approximately A$11.5 billion assets under management.

The story begins in May 2018 – ARA acquires a 19.9% stake in Cromwell to become its largest shareholder, a move which is strongly supported by the Cromwell Board. Following an initial honeymoon period, relations between the two property giants sour in 2019, after Cromwell intentionally excludes ARA from a capital raising and rejects repeated calls for a strategic overhaul, following decline in performance and revelations of a heavily bloated balance sheet and corporate spending, reminiscent of an era long gone.

The next 2 years involve ARA, with the assistance of its advisers, undertaking a fierce campaign to improve Cromwell’s performance and gain representation on Cromwell’s Board. Join us on 28 April 2021, to learn about ARA’s hostile proportional offer under the takeover provisions of the Corporations Act, the various pieces of litigation it commenced and defended (including proceedings in the Takeovers Panel) and the results of the spill meeting, in which all of Cromwell’s directors were forced to stand for re-election.


About Arnold Bloch Leibler

Arnold Bloch Leibler (ABL) is one of Melbourne’s most revered and prominent law firms, renowned for its commitment to excellence and its forward-thinking approach. ABL's standing within the legal profession has been built over more than 60 years. Many of the values, characteristics and defining qualities from ABL's early beginnings continue to shape the firm as it stands today.

ABL prides itself on providing strategic guidance and solving complex issues related to clients’ commercial interests, legal position and reputation. Operating as a professional practice rather than a corporatised business, ABL offers a small firm feel with a big firm reputation, possessing influence within legal, business and political circles.

ABL brings together the expertise of following Partners from seven of its fourteen Practice Groups in delivering the Corporate Law Seminar Series for the benefit of Monash Law students.


Name
Amy Scarlett
E-Mail
Amy.Scarlett@monash.edu