Keybridge Faces Director Removal Attempt

Keybridge Capital Limited (ASX: KBC) is grappling with a shareholder challenge as Australian Style Group Pty Ltd (ASG), controlled by former Keybridge director Nicholas Bolton, seeks to remove the four directors appointed on February 10, 2025. ASG has called a general meeting under section 249F of the Corporations Act, scheduled for June 27, 2025, proposing resolutions to remove Geoff Wilson AO, Jesse Hamilton, Martyn McCathie, and Sulieman Ravell. Keybridge’s board firmly opposes these resolutions and intends to vote against them. Wilson Asset Management Group, holding a significant stake, also plans to vote against the proposed changes, representing over 50% of Keybridge’s total shares on issue. Keybridge has raised concerns regarding ASG’s handling of the meeting notice, citing failures to notify the share registry, Automic Group, and provide shareholders adequate notice, including a telephone dial-in facility. ASG, as the convening shareholder, will bear all expenses associated with the meeting. Adding to the complexities, Keybridge is also involved in a legal dispute with Yowie Group Ltd regarding the purported postponement of a shareholder meeting called by Keybridge. The NSW Supreme Court is set to hear Keybridge’s application on this matter on June 18, 2025. This internal power struggle is creating uncertainty for Keybridge, an investment and financial services group with diverse holdings including in life insurance (New Zealand), property, funds management, and significant stakes in Yowie Group Ltd (ASX: YOW) and Benjamin Hornigold Ltd (ASX: BHD). The outcome of the shareholder vote and the Yowie dispute could significantly impact Keybridge’s strategic direction and investment portfolio.