CPI Property Group and Aroundtown notified Globalworth of a series of transactions in respect of their existing holdings which have resulted in Zakiono, an entity indirectly owned by the consortium holding a total of 51.50% of the shares in the company. Zakiono now itself holds sufficient voting rights to exert statutory control over the company, including in due course the ability to appoint and remove directors from the board.
Globalworth’s Independent Committee is considering the implications of the change of control for the company and for minority shareholder rights and protections.
As set out in the response circular published by Globalworth on 26 May 2021 the change of control will have a number of impacts not limited to:
- a number of existing financing arrangements which are subject to change of control provisions;
- the company's governance arrangements including the requirement for the Globalworth Board to maintain a majority of independent directors; and
- shareholder voting in light of the fact that Zakiono will be able to exercise the majority of votes at a general meeting of Globalworth, allowing it to pass ordinary resolutions.
