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Takeovers Panel gives Ignite's complaints short shrift

Activist shareholder Octavium Capital was acting on a commercial basis to protect its interests during Ignite Ltd's recent capital raising, the Australian Government Takeovers Panel has found in its full reasons for deciding not to declare the circumstances "unacceptable".

Ignite had complained to the Panel following the acquisition of a major tranche of its shares by another investor, Graham Newman Pty Ltd (GNPL), during the capital raising.

Ignite claimed that activist shareholder Octavium Capital had applied for shares under the entitlement offer to enable GNPL to acquire a substantial interest in the company...