Ben Cottle single-handedly stopped Eureka, the only pure-play over 55s rental accommodation provider, being bought by the ASX-listed Aspen by outbuying Eureka shares. Now he wants to buy Aspen’s remaining 20.5 million shares.
A General Meeting is being held on Friday, 20 December, to decide if Ben and Blake Cottle's investment entity Fileton can buy the shares. It will mean he and his associates have increased their voting power in Eureka from approximately 22.2% to approximately 27%, easily the biggest shareholding in Eureka.
Aspen and Filetron currently hold 75.6 million and 94.0 million Eureka shares (or some 17.8% and 22.2%) respectively. Ben and Blake Cottle also are the controlling shareholders of FDC Group, a provider of construction, fitout, refurbishment and building services.
Eureka has issued shareholders an Independent Expert opinion which states the advantages of the proposed acquisition by Filetron and the resulting increase in the voting power of Filetron outweigh the disadvantages for non-associated Eureka shareholders.
All Eureka Directors are of the opinion that the proposed acquisition by Filetron is in the best interests of shareholders and, accordingly, unanimously recommend that shareholders vote in favour of the resolution.
