The Takeovers Panel is set to review its prior decision regarding Vmoto Limited following an application from the Munro Family Super Fund. This challenge stems from the Panel’s initial ruling, detailed in TP25/013, concerning shareholder actions within Vmoto. The Munro Family’s application seeks a reconsideration of the Panel’s position, introducing a new layer of scrutiny to Vmoto’s corporate governance.
In addition to the review application, the Munro Family Super Fund requested an interim order to postpone the general meeting scheduled for Thursday, March 6, 2025. This meeting was called by Vmoto Limited following a shareholder request under section 249D of the Corporations Act 2001. However, the President of the Panel denied this interim order, stating that a review Panel, once appointed, could mandate another meeting if unacceptable circumstances are identified. This decision suggests a cautious approach, balancing the immediate needs of the company with the potential for future corrective action.
As of now, a review Panel has not been appointed, and no decision has been made regarding the commencement of proceedings. The Panel has refrained from commenting on the merits of the application, maintaining impartiality as it navigates this complex situation. The outcome of this review could significantly impact Vmoto’s corporate strategy and shareholder relations. Investors and stakeholders are advised to monitor further announcements from the Takeovers Panel as the situation unfolds, especially regarding the formation of the review Panel and the potential impact on future shareholder meetings.
