Brisbane Markets Limits (BML) has questioned why PMQ is continuing its takeover bid for the iconic markets. In a Sixth Supplementary Target’s Statement released April 26, BML issued a comprehensive 28-page response to a list of unsubstantiated and misconceived questions from PMQ and posed its own list, challenging the wholly-owned subsidiary of Sydney-based venture capital firm VGI to come clean on its bid.
BML CEO Andrew Young said the Board had prepared a detailed response to a series of questions asked by VGI/PMQ, the majority of which had previously been answered.
“BML has been asking VGI/PMQ to come clean for some time now about this takeover bid, which is attracting little to no interest and is dragging on and on in a seemingly endless war of words and paper,” Mr Young said.
“Why won’t VGI/PMQ publicly declare just how many - or how few - BML Shares it has secured since it launched this unwelcome and hostile takeover bid several months ago?
“We understand they may not have achieved even an additional 1% of BML Shares since they announced last November that they had a Relevant Interest in 19.99% of BML Shares.”
Mr Young said it was the view of the BML Board and many BML Shareholders that the louder and more verbose that VGI/PMQ had become was in direct contrast to how poorly the takeover bid was progressing.
“The vast majority of BML Shareholders, including our largest Shareholder Brismark, have demonstrated very clearly that the VGI/PMQ bid is of no interest, so we must ask why are they persisting?” Mr Young said.
“That’s assuming that the bid is even still in existence - PMQ remains suspiciously silent on the issue of when, if at all, they are going to correct their defective notice to extend their bid.
“VGI/PMQ’s interest in BML goes far beyond their altruistic portrayal of being an ‘interested Shareholder’ who is concerned with protecting the rights of all Shareholders – we have asked our BML Shareholders to draw their own conclusions as to how the Markets will be run if it is ultimately acquired by a Sydney-based private equity firm.”
Mr Young said BML Shareholders only needed to look at recent business disasters where private equity was involved, like Dick Smith, to see what the future could hold for BML in the hands of private equity.
“VGI/PMQ wants to buy 100% of BML – that is what their Bidder’s Statement says. There will be no other shareholders in BML; there will be no industry ownership and control,” Mr Young said.
To view the Sixth Supplementary Target’s Statement in relation to PMQ/VGI’s takeover bid, which Brisbane Markets Limited has lodged with ASIC, please click here.
For more information:
Barton Green
Brisbane Markets Limited (BML)
Tel: 0411 702 209