IFM Investors hasn’t forgotten about Atlas Arteria!
The pugilistic investor was out shopping for shares in the toll roads owner with Jarden’s equities desk on Wednesday evening, as its creep provisions kicked into action. It ended up paying $197 million to inch up to just under 23 per cent of the register.
Obviously, IFM’s not obliged to lob a bid, despite having breached the 19.99 per cent threshold. (How good are creep provisions by the way, if you are IFM or Solomon Lew!)
But the trade shows IFM could be stocking up on some voting leverage ahead of the AGM on May 30, where it’s nominated a board director from its camp.
It’s too early to get a read on the game plan, but the AGM should be a must watch.
Earlier this week Azure Capital was appointed to kick off the sale of the retailing chain, a year after this column flagged it was close to snaring the mandate.
Less than three years after it took Zenith Energy private in a consortium bid, the Sydney PE investor is looking at another remote power business opportunity.
