The Market Herald has been hit with an unacceptable circumstances declaration by the Takeovers Panel after it ran the rake over undisclosed dealings between two of the Perth-based company’s major shareholders.
The declaration, published to the ASX on Friday, comes after UIL Limited, another major shareholder, wrote to the panel in February seeking suspension of a pro rata entitlement offer to raise $15 million to pay down debt accrued from the company’s acquisition of Gumtree, Carsguide and Autotrader.
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