Coltrane Asset Management has stubbornly held on to a 11.6 per cent stake in Spotless.
Downer EDI, acquired 88 per cent of Spotless in a $1.2 billion takeover in 2017, and signalled at the time it would move to de-list Spotless eventually.
Spotless says it will save $200,000 annually by departing from the ASX.
Spotless Group wants to delist from the Australian Securities Exchange in a headache for stubborn New York-based hedge fund Coltrane, which has an 11.6 per cent stake that has prevented Downer EDI from moving to 100 per cent control.
Hedge fund Coltrane has clung on to a 11.6 per cent stake in Spotless, preventing Downer EDI from moving to 100 per cent control.
Loading...
Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
