Dropsuite Limited (ASX:DSE) Faces Application to Takeovers Panel
Scheme of Arrangement
Dropsuite Limited has entered a scheme of arrangement with NinjaOne, whereby NinjaOne Australia Pty Ltd will acquire all of Dropsuite’s ordinary shares at $5.90 per share in cash.
Shareholder Support and Changes
Topline Capital Management LLC, Dropsuite’s largest shareholder, initially held approximately 31.0% of the company’s shares and confirmed intentions to vote in favor of the scheme. However, Topline’s shareholding decreased to 19.7% due to on-market sales for liquidity needs, while maintaining support for the acquisition.
Applicant’s Claims
Harvest Lane Asset Management asserts that Topline’s actions may have misled investors regarding their support for the scheme and requests orders to prevent further share sales and enforce Topline’s original voting commitment.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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