Smoke Alarms Holdings Limited 03
Introduction
- The Panel, Anthony Jarvis, Marina Kelman and Rory Moriarty (sitting President), declined to make a declaration of unacceptable circumstances in relation to the affairs of Smoke Alarms. The application concerned a pro-rata entitlement offer by Smoke Alarms to eligible shareholders. Following receipt of the application, Smoke Alarms revised the entitlement offer from a 2 for 1 offer ratio to a 1 for 1 offer ratio. The Panel considered that, among other things, the revised offer ratio reduced the potential control effect of the entitlement offer.