Australian takeovers are at risk of turning into money grabs – and not just for short-term-minded hedge funds and other institutional investors chasing a sugar hit to their returns.
Chairmen and non-executive directors are using deals to charge shareholders additional “exertion” payments, made at the board’s discretion, not subject to shareholder approval and sometimes as part of long-standing and undisclosed agreements.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
