Soul Patts and Brickworks: The great unwinding - Part 1

In the first of a three-part series, we examines the deal to uravel Soul Patts and Brickworks and reassess the value of the latter.

It’s a case of resolutions at ten paces; have your proxies ready. Venture capitalist Mark Carnegie and Perpetual's head of equities Matt Williams have launched a plan to unwind the Brickworks and Washington H Soul Pattinson cross shareholding. It’s a structure aimed at stopping potential corporate raiders that’s been in place since 1969 – the last of its kind on the ASX. Practically it allows the Millner family to control both companies with a 5% investment in each.

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