Sequoia Financial Group Ltd. (AU:SEQ) has released an update.
Sequoia Financial Group Ltd, an ASX-listed integrated financial services provider, recently disclosed a Takeovers Panel Declaration and orders pertaining to unacceptable circumstances involving A Jones Group, B Jones Group, and Glennon Group. The declaration found that these groups had associated beyond their roles in a general meeting, potentially influencing the control of Sequoia’s board and its affairs, leading to a collective share acquisition that breached regulatory limits. The Panel has issued orders to address these findings, which include the acquisition of approximately 5.69% of Sequoia’s shares that raised their combined voting power to 27.84%, in violation of the Corporations Act.
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