Soul Patts delays Brickworks meeting

The long running battle to break up the Soul Pattinson and Brickworks cross shareholding just got longer

Washington H. Soul Pattinson and Company Ltd has been granted an extension of time to call an extraordinary general meeting as it mulls a $2.2 billion proposal to unwind its cross-ownership structure with Brickworks Ltd.

In a statement to the Australian Securities Exchange, the company confirmed it had been granted a November 1 request to extend a meeting requisitioned by activist shareholders M.H. Carnegie & Co. Pty Ltd and Perpetual Investment Management Ltd.

In a separate statement, Brickworks' independent directors advised shareholders they had also written to the activist shareholders to request an extension of a meeting on the matter.

Soul Pattinson is considering a proposal to end its cross-shareholding agreement with Brickworks, which Mark Carnegie and Perpetual's head of equities Matt Williams believe will unlock value for Brickworks investors.

Soul Pattinson's directors must now call the requisitioned meeting by January 24 next year, with the meeting held by 28 February at the latest.

"The company will determine the date for calling and holding the requisitioned meeting in due course when it has received and duly considered all relevant advice," Soul Pattinson said.

Both Soul Pattinson and Brickworks have recommended their shareholders take no action in regards to the matter.