Overview of Takeovers Panel Declaration and Orders by Sequoia Financial Group (ASX: $SEQ)

Sequoia Financial Group Ltd (ASX: $SEQ) has released a Takeovers Panel Declaration and orders of unacceptable circumstances dated 28 June 2024 and final orders dated 12 July 2024. The declaration and orders are in relation to an application dated 15 May 2024 by SEQ regarding A Jones Group, B Jones Group, and Glennon Group.

Executive Commentary on Takeovers Panel Declaration and Orders

The Takeovers Panel has made a declaration of unacceptable circumstances and issued final orders in response to Sequoia Financial Group's application. The Panel found that the association between the A Jones Group and Glennon Capital extended beyond convening the general meeting of Sequoia members held on 5 June 2024, leading to increased voting power in contravention of section 606 of the Corporations Act. The orders include imposing a voting freeze, restricting share acquisitions, and requiring corrective market disclosure.

Summary of Takeovers Panel Declaration and Orders

Sequoia Financial Group's application regarding A Jones Group, B Jones Group, and Glennon Group has resulted in the Takeovers Panel declaring unacceptable circumstances and issuing final orders. The Panel found that the association between A Jones Group and Glennon Capital led to increased voting power in contravention of the Corporations Act. The orders include imposing a voting freeze, restricting share acquisitions, and requiring corrective market disclosure. The company is expected to comply with the Panel's orders and provide the necessary disclosures as per the requirements.