Page 5 - Food & Drink March 2020

NEWS
Former Bellamy’s
director charged
with Black Prince and the basis upon which she had an interest in 14 million Bellamy’s shares.
Under section 671B of the Corporations Act, a person must, if they begin to have a holding of shares in a listed company that results in five per cent or more of voting power, lodge a substantial holder notice with the company and the relevant market operator (in this case, the Australian Securities Exchange). The maximum penalty applying in August 2014 for failing to lodge a substantial holder notice was six months’ imprisonment or 25 penalty units, or both.
Under section 1308(2) of the Act, a person must not make a false or misleading statement in a document required by or for the purposes of the Act or lodged with or submitted to ASIC. The maximum penalty for contravening this section is five years’ imprisonment or 200 penalty units or both.
A mention hearing is scheduled this month in Hobart Magistrates’ Court. ✷
✷
FORMER director of Bellamy’s Australia Jan Cameron will face criminal charges following an investigation by the Australian Securities & Investments Commission (ASIC). She has been charged with contravening sections 671B(1) and 1308(2) of the Corporations Act.
Cameron was a director of the infant formula company between 14 May 2007 and
5 May 2011.
ASIC alleges that when Bellamy’s became a listed company (on or before
1 August 2014) Cameron and her associate entity based in Curacao began a substantial holding of 14 million shares in the company.
The associate entity was The Black Prince Foundation.
The holding represented 14.74 per cent of Bellamy’s total issued capital and the largest shareholder in the company.
ASIC alleges that on or about 5 August 2014, Cameron failed to disclose the interest. It also alleges that almost three years later, on or around 15 February 2017, Cameron lodged with Bellamy’s a misleading initial
substantial holder notice. ASIC said the notice
failed to properly disclose her true and complete relationship
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TREASURY Wine Estates CEO Mike Clarke says three main factors caused a 17 per cent drop to $98.3 million in the company’s US EBIT and the SGARA agricultural accounting standard for 1H20.
The announcement shocked the markets and saw an immediate 20 per cent drop
in share price, wiping almost $3 billion from its market capitalisation. Clarke said loss of business momentum due to the sudden and unexpected departure of the head of the US business Angus McPherson in H1 was one factor.
The US China trade war combined with a bumper
TWE CEO Mike Clarke.
Californian vintage also did not help, with large amounts of US wine staying on home turf.
Clarke said the subsequent 15 per cent increase in private label – in an already flat to down market – was a massive market shift in a very short period of time.
The upshot will be a strategic review of its global commercial wine business as the company rebuilds its US team.
Following the announcement, TWE’s largest shareholder Capital Group announced it would drop its holding below the substantial shareholder
five per cent mark.
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than 30 per cent since 24 January and both Maurice Blackburn and Slater & Gordon announced investigations into the possibility of launching separate class actions. ✷
BELLAMY’S FORMER DIRECTOR
CHARGED
ASIC has formerly charged Jan Cameron, a former director
of infant formula company Bellamy’s Australia with
contravening the Corporations Act.
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ALDI DEAL
German retailer Aldi is set to enter a $700 million sale and leaseback process for four of its local distribution centres, working
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www.foodanddrinkbusiness.com.au | March 2020 | Food&Drink business | 5