Takeovers Panel restrains E-cademy investor

The Takeovers Panel says according to information provided to the E-cademy shareholders the 200 million shares recently issued to Matrix Global represents 57.4% of the voting shares of the company.

"The panel considers that the allotment of shares and options by E-cademy Holdings Limited to Matrix Global Training Pty Limited and any other MatrixIP companies may be a transaction that is in breach of rule 6 of the Takeovers Code," the panel says in a statement.

Part 6 of the code refers to the offer procedure for any takeover.

A special meeting of shareholders of E-cademy was held in Auckland earlier this month and voted to issue 200 million shares to Australian-based Matrix at $0.002 per share for $400,000 and 100 million options.

Just prior to the meeting investment company Cube Capital had also put in an offer to take 158 million shares for $475,000, as well as 100 million options.

The Takeovers Panel says it will meet next week to discuss the Matrix issue. In the meantime the interim restraining issue is in force until August 3.

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