Lawyer Mary-Anne Greaves pleads guilty to misleading statements to ASIC over failed G8 Education bid to take over Affinity Education

A lawyer involved with a failed hostile takeover bid by listed Gold Coast childcare giant G8 Education faces up to a year in jail after pleading guilty to giving false and misleading information to investigators.

The childcare company attempted to take over a rival in 2015.

A LAWYER involved with a failed hostile takeover bid by listed Gold Coast childcare giant G8 Education faces up to a year in jail after pleading guilty to giving false and misleading information to investigators.

Mary-Anne Greaves, 53, was examined as part of the Australian Securities and Investments Commission probe of G8’s attempt to buy out rival childcare company Affinity Education in July 2015.

In October, 2015, the Takeovers Panel made a declaration of unacceptable circumstances in relation to the takeover bids.

ASIC alleges there were undisclosed arrangements between G8 Education and West Bridge Holdings Pty Ltd for the acquisition of Affinity shares as part of the takeover bid.

Mary-Anne Greaves.

A statement from the regulator said today’s charge related to Greaves’ June 2016 denial, during an ASIC examination under oath, that she had not been provided information by West Bridge regarding their purchase of Affinity shares at the time of the takeover bid.

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The matter has been listed for sentencing at Brisbane Magistrates’ Court on May 24.

The Takeovers Panel found that three parties involved in the failed takeover bid had links with former G8 Education chairwoman Jenny Hutson, an alleged breach of corporations law.

Ms Hutson has vowed to fight 30 charges laid against her over the deal, including two of attempting to pervert the course of justice which carry a maximum 10 year’s jail.

Former G8 Education chairwoman Jenny Hutson. Pic: Richard Gosling

Another man, David Burke, 60, of Natural Bridge faces five charges related to the failed takeover, and is due to return to court for mention on March 1. He has not pleaded guilty nor indicated he will fight the charges.

Ms Hutson’s matter has been listed for a directions hearing on March 11 and a committal hearing to commence on September 30.

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The former chairwoman resigned from G8 in September 2015.

Gold Coast-based G8 has stressed that no allegations have been made against the company or any current board members or staff.

In 2015 Affinity shareholders voted in favour of a takeover by Anchorage Capital Partners, marking the end to a bitter tug of war between Affinity and G8 Education.

G8 began buying shares in Affinity early in 2015 and by July lobbed a hostile takeover tilt, with a 70¢-a-share bid. It later increased to 80¢-a-share, valuing Affinity at $185 million.

A messy battle ensued after G8 argued Affinity shareholders would not get a better deal.

But Anchorage countered with a 90¢-a-share offer and then sweetened it with a 92¢-a-share offer, trumping the bid from G8.

Anchorage put Affinity back on the market last year.