Havilah Resources has gone to the Takeovers Panel to stop former exec Bob Johnson blocking a $100 million deal with GFG Alliance
Havilah Resources is asking for regulatory assistance in deflecting co-founder Bob Johnson’s attempts to block a huge deal.
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Havilah Resources has gone to the Takeovers Panel, asking it to block co-founder Bob Johnson from voting his shares against a $100 million deal with GFG Alliance.
Dr Johnson, who is the subject of an ongoing Australian Federal Police investigation, is vehemently opposed to the deal with Sanjeev Gupta’s group, and has even set up a website, Save Havilah, to vent his grievances.
Dr Johnson, via the website, is also giving shareholders the option to sign their votes over to him to vote at the meeting.
Dr Johnson, through offshore company First Names (Jersey) Limited, Statsmin Nominees, Talager Pty Ltd and in his own name, controls 12.7 per cent of Havilah shares.
He is restrained from dealing with these shares, and other substantial assets around the world, by a court order from the AFP.
He is named as the “suspect” in a Supreme Court action under the Proceeds of Crime Act, which the public has been excluded from attending or even knowing about, with orders made that it not appear in court listings. It is believed that Dr Johnson, has not been able to travel internationally during this time.
No charges have been laid.
The Advertiser has been told by Havilah that Dr Johnson is able to vote his shares if he gets approval from the AFP.
But Havilah has applied to the Takeovers Panel to stop him voting his shares, and says he has actually gained control of substantially more.
“Dr Keith Robert Johnson, a co-founder and former director of Havilah Resources, has been sending correspondence to Havilah Resources shareholders in relation to the matters to be considered at the General Meeting,’’ Havilah has told the Takeovers Panel.
“Havilah Resources submits that Dr Johnson:
- obtained a substantial holding in 38.51 per cent of the shares in Havilah Resources through his control of various Havilah Resources shareholders and his relationships with various other Havilah Resources shareholders, in contraventions of s606 and the substantial holding notice provisions
- acquired a relevant interest in 6.6 per cent of the shares in Havilah Resources through an agreement, arrangement or an understanding to acquire Havilah Resources shares from another shareholder, in contravention of s606 and
- sent correspondence containing misleading or deceptive statements.
“Havilah Resources seeks final orders including restraining Dr Johnson and certain other Havilah Resources shareholders from voting at the General Meeting, substantial holder notice disclosure and corrective disclosure.’’
The Takeovers Panel is yet to decide whether to conduct proceedings into the matter.
The meeting to approve the GFG deal, which if the $100 million is totally invested will bring it to 51 per cent ownership of Havilah, is scheduled for September 12.
The Advertiser called Dr Johnson this morning however he hung up immediately.
cameron.england@news.com.au