New Image Group admits breaches of Takeovers Code during 2013 takeover offer
Published 4 February 2022
The Takeovers Panel has filed civil proceedings in the High Court against New Image Group Limited (NEW) and New Image Holdings Limited (NEW Holdings) alleging NEW Holdings made a selective offer to certain shareholders in breach of the Code, and both NEW and NEW Holdings failed to make all of the disclosures they were required to make, in the 2013 takeover offer for NEW by NEW Holdings.
The Takeovers Panel has agreed with NEW and NEW Holdings to resolve the proceedings and requested that the Court schedule a penalty hearing.
The Panel began its investigation in 2019 after allegations relating to the matter came to its attention.
No further comment will be made until the Court issues its judgment.
Andrew Hudson, Chief Executive
M: +64 21 815401 | DDI: +644 815 8452