The Takeovers Panel has declined to review its prior decision regarding Vmoto Limited (VMT), following an application from the Munro Family Super Fund. The application sought a review of the Panel’s initial decision, TP25/014, concerning Vmoto. The Panel stated that several matters raised, including potential minority oppression and disclosure inadequacies related to Vmoto’s share buy-back, are better addressed by the courts or the Australian Securities and Investments Commission (ASIC). The Panel deemed that the material presented, particularly concerning transactions from 2023 and 2024, lacked the substance required to justify further inquiry.
Consequently, the review Panel concluded that there was no reasonable prospect of declaring unacceptable circumstances. Therefore the review was declined. However, the Panel expressed concerns regarding the absence of substantial holder notices from two of Vmoto’s major shareholders. This specific issue has been referred to ASIC for further scrutiny and potential enforcement action. The sitting Panel comprised Joseph Fayyad, Kristen Jung, and Karen Phin (sitting President). The Panel will publish its detailed reasoning for the decision on its website in due course. This referral to ASIC introduces uncertainty regarding Vmoto’s compliance with disclosure requirements and could potentially lead to further regulatory action, impacting investor confidence. While the original review was declined, the ASIC referral suggests ongoing regulatory interest in Vmoto’s affairs.
