ASX’s fetish for dual-class shares is downright nuts
Computershare’s PointsBet fiasco, the ASX’s James Hardie waiver and its fetish for dual-class shares are the result of decades of policy malaise and neglect of financial infrastructure.
ASX CEO Helen Lofthouse has succeeded in getting some of Australia’s largest managers to seriously entertain the ASX’s fetish for dual-class shares. Robert Duong
At last Wednesday’s scheme meeting to approve the takeover of PointsBet by Japanese bidder Mixi, a representative from PointsBet’s largest shareholder Betr entered Computershare’s online portal to observe the proceedings. The portal was incorrectly coded so that upon entry, observers automatically revoked their already-cast proxy votes without their knowledge. Betr had cast its shares against the takeover and would’ve defeated the resolution, but its shares weren’t counted. Whoops!
PointsBet and Betr shares both traded most of Wednesday after the takeover was “approved”. The next morning, PointsBet announced Computershare’s snafu and that, actually, the takeover had failed.
Joe AstonColumnistJoe Aston is the founder of Rampart and the best-selling author of The Chairman’s Lounge: The inside story of how Qantas sold us out. From 2012 to 2023, Joe helmed The Australian Financial Review’s Rear Window column. Email Joe at hello@rampart.news
