Unwinding Souls and Brickworks

It’s going to be one helluva fight. 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 defensive structure in place since 1969 aimed at stopping potential corporate raiders, the last of its kind on the ASX. Practically it allows the Millner family to control both companies with a 5% investment in each. The upstarts claim the current structure is overly complex, preventing the market from recognising the value of each business. This has merit; complex structures and multi-divisional business' often create opportunities for...

It’s going to be one helluva fight. 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 defensive structure in place since 1969 aimed at stopping potential corporate raiders, 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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