FBR (ASX:FBR) said that Australia's Takeovers Panel received an application from a shareholder, Bob Ciesla, alleging that the firm's AU$6.3 million placement would consolidate control within institutional hands without disclosing alternative funding options, intellectual property strategies, or significant internal changes, according to a Monday Australian bourse filing.
Ciesla also alleged that FBR made improper use of ASX rules, that its board refused to engage with shareholders in relation to an extraordinary general meeting to consider the placement, and that the risk of FBR's intellectual property being transferred offshore and exploited has materially increased.
He seeks final orders requiring the firm to declare the extraordinary general meeting result invalid and to suspend or reverse the share issues approved at the meeting. He also asks the panel to require FBR to "reissue the vote with proper notice, explanatory materials, and Q&A opportunity, register access," and to make disclosures regarding intellectual property ownership and alternative financing.
A sitting panel has not been appointed at the moment, and no decision has been made whether to conduct proceedings, per the filing.
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