The Takeovers Panel has declined to conduct proceedings regarding an application by the Munro Family Super Fund concerning Vmoto Limited (ASX: VMT). The application, lodged on 17 February 2025, raised concerns about alleged minority shareholder oppression and the transfer of 22.6% of Vmoto’s shares to entities selected by the Board. This was in the context of Vmoto’s intention to delist from the ASX.
A section 249D meeting has been requisitioned by the applicant and three related parties, scheduled for 6 March 2025, to consider resolutions to alter the board’s composition.
The Panel found that the applicant did not provide a sufficient body of material to justify further inquiries and noted that much of the material related to matters that occurred some time ago. As a result, it concluded there was no reasonable prospect of making a declaration of unacceptable circumstances and declined to conduct proceedings.
The sitting Panel comprised Sylvia Falzon, Neil Pathak as the sitting President, and Richard Phillips. The Panel will publish its reasons for the decision on its website in due course.
