Yowie Group Limited (ASX: YOW) has issued a clarification regarding recent substantial shareholder notices filed with the ASX by Geoffrey Wilson, Jesse Hamilton, Martyn McCathie, Frank Antony Catalano, and Sulieman Ravell. These notices suggest an association between the Filing Parties and Keybridge Capital Limited (in Administration) concerning Yowie’s shares, stemming from purported nominations by Keybridge for director positions at Yowie’s next general meeting. However, Yowie asserts these notices could mislead the market for several reasons.
Firstly, Yowie currently has no plans to hold a general meeting for board appointments and has not received any formal nominations from Keybridge or consents from the Filing Parties. The company emphasizes that appointing directors without proper consent would violate the Corporations Act. Secondly, while the Filing Parties are described as “current directors” of Keybridge, Keybridge is under external administration, meaning the directors’ powers are subject to the Administrator’s approval. Yowie has requested documentation of any such authorization from the Administrator.
Furthermore, Yowie highlights its position as Keybridge’s largest creditor, owed approximately $7 million, which Keybridge cannot currently repay. Yowie expresses concern about potential conflicts of interest if the Administrator facilitates actions that could impede debt recovery. Additionally, the status of the Filing Parties as Keybridge directors is currently under appeal in the New South Wales Court of Appeal, scheduled for hearing on May 8, 2025. The appeal seeks to overturn their appointments as directors of Keybridge.
Given these circumstances, Yowie stated it does not intend to engage with the purported nomination. Yowie reassures its shareholders that no action is required on their part regarding these notices.