News - Page 5 of 23 - SLM Corporate

14 May

SLM Managing Director Barry Lewin appointed Chairman of Praemium Limited after a lengthy proxy battle

In Announcements,General News by SLM / May 14, 2017 / 0 Comments

A group of activist shareholders including Paradice Investment Management and Australian Ethical have succeeded in their efforts to roll the board of embattled ASX-listed platform Praemium, paving the way for sacked CEO Michael Ohanessian to be reinstated in the top job.

At an extraordinary meeting in Melbourne on Friday, shareholders voted with the requisitioning shareholders to remove chairman Greg Camm and three other directors, replacing them with Barry Lewin as chairman and Stuart Robertson and Daniel Lipshut as new directors.

The move to oust the entire board caps off a turbulent four months for $160 million Praemium which included Mr Ohanessian being unceremoniously dumped following a heated disagreement with Mr Camm over the direction the company.

After Friday’s meeting, which saw around three quarter of the shareholder base vote 53 per cent to 46 per cent in favour of the board being removed, Mr Ohanessian told The Australian Financial Review that shareholders had had a chance to have their say.

“As a shareholder in Praemium myself, I am confident that this renewed board will act in the best interests of the company and its shareholders,” he said.

“Over the past couple of months, I have been encouraged by the many messages of support I have received from shareholders, clients and peers showing enormous respect for the Praemium team and the company’s strategic direction.”

Mr Lewin said the new board will now move to reinstate Mr Ohanessian. This leaves the fate of current CEO Robert De Luca up in the air.

The refreshed board maintains that he is the right person for the job despite Praemium’s assertion that the company’s share price had underperformed recently.

Mr Lewin told the Financial Review this week that be believed Mr Ohanessian had been “disrespectfully” fired.

“My fellow new directors and I look forward to a functional and effective working relationship with Mr Ohanessian and the talented Praemium team as we focus on providing the best service and technology for clients, realising the growth opportunities in front of us, and delivering strong returns for shareholders,” he said.

In the past year, during which Praemium shares hit a high of 53¢ and low of 28¢, the stock gained 16 per cent, which puts it on par with Hub24 and ahead of OneVue (down 24 per cent) and Managed Account (down 23 per cent).

While not commenting on any specifics to do with Praemium, KPMG partner Stephen Walmsley said that ructions at the board level can cause shareholders to get skittish, but “it is well established that one of a board’s key responsibilities is to appoint, and remove, the chief executive officer”.

In an earlier interview with the Financial Review, Mr Ohanessian said that he hoped that the the start of 2017 would soon be seen a “nightmare” that would live only in the company’s past.
On Friday, he was readying to look to the future.

“I would like to take the opportunity to thank Praemium’s staff for their continued focus during a period of uncertainty. At the right time, I am looking forward to reconnecting with the team and pushing forward with our plans,” Mr Ohanessian said.

In April, the former Praemium board took the unusual step of issuing a 23-page notice of meeting which painted Mr Ohanessian as routinely difficult and includes details of the back room stoush where Mr Camm accused Mr Ohanessian of “berating” him.

But on Friday, the board accepted the vote and reinforced the strength of the company.

“The shareholders have spoken and a new board is appointed. Praemium is a good business with very good people and the outgoing board give Mr Lewin and his colleagues our best wishes in governing the company,” outgoing Chairman Mr Camm said.

Michael Smolders from The Abercrombie group, which joined activist shareholders Paradice, Australian Ethical as well as Mr Ohanessian and his wife Candace (as shareholders with 15 million shares) said that he was pleased Praemium shareholders accepted the resolutions.

“We have full confidence that the newly elected independent board will govern in the best interests of all shareholders. Praemium is now able to move forward positively and focus on creating long term shareholder value,” he said.

A board meeting will be convened soon where the new directors will discuss Mr Ohanessian’s re-appointment. (Source: Australian Financial Review, 12 May 2017)

28 Mar

SLM’s advisory team has been active with a range of engagements for Aboriginal clients

SLM has for many years provided a range of financial and economic advisory services to Aboriginal Land Councils, Aboriginal Associations, Traditional Owners, and other Aboriginal clients around Australia.  These services have typically included assessing mineral, infrastructure projects and other development projects, providing royalty audits and advising on Native Title compensation proposals, infrastructure, property transactions, expert reports, private equity and other business opportunities.

In the past year, we have:

  • provided advice on negotiations with the State of Victoria in relation to the extinguishment of native title
  • assessed the compensation terms for a significant Commonwealth Government infrastructure project
  • assessed the compensation terms for a South Australian base metals project
  • assessed the compensation terms for a Northern Territory base metals project
  • assessed the appropriate compensation terms for the Jemena Northern Gas pipeline
  • assessed a West Australian oil and gas exploration permit
  • assessed a significant prawn farming venture
  • audited royalty payments for iron ore and manganese projects.

For further information, please contact SLM Corporate’s Managing Director Barry Lewin on 03 9244 9644 or email:

02 Jan

SLM advises Spicers Limited (ASX: SRS) on a Scheme Implementation Agreement to Simplify Capital Structure

In Announcements,M&A Advisory,News by SLM / January 2, 2017 / 0 Comments

SLM Corporate is pleased to announce that it is acting as corporate adviser to Spicers Limited in relation to a Scheme Implementation Agreement with the Responsible Entity of the PaperlinX SPS Trust.

This transaction, which would be effected by an inter-conditional ordinary resolution of Spicers shareholders and a scheme of arrangement proposed by the Responsible Entity, will align the interests of the Company’s ordinary shareholders and SPS unitholders and will resolve several operational and capital constraints that the current capital structure places on the Company.  If the Trust Scheme is implemented, Spicers will acquire all the SPS Units in the SPS Trust that it does not already own and as consideration, Spicers will issue 545 ordinary shares in Spicers for every 1 SPS Unit transferred to it.

For further information, please contact:

Barry Lewin
Managing Director
SLM Corporate Pty Ltd
+61 3 9244 9644 (office)
+61 419302493 (mob)

14 Nov

SLM Corporate appointed by Kentucky Fried Chicken Pty Ltd (KFC Australia) in relation to the potential divestment and re-franchising of approximately 100 company-owned KFC outlets across Australia.

In Announcements,Important,M&A Advisory,News by SLM / November 14, 2016 / 0 Comments

SLM Corporate is pleased to announce that it has been appointed Corporate Adviser to Kentucky Fried Chicken Pty Ltd (KFC Australia) in relation to the potential divestment and re-franchising of approximately 100 company-owned KFC outlets across Australia.

KFC Australia is a subsidiary of NYSE-listed Yum Brands Inc, which also owns and operates the Pizza Hut and Taco Bell restaurant chains.

In its role as Corporate Adviser, SLM will be overseeing and conducting the divestment process which will involve the sale of company-owned outlets to a range of existing franchisees who have attained “growth partner” status within the KFC franchise system.  The divestment process is scheduled for completion by December 2017.

For further information in relation to this matter, please contact:

Barry Lewin
Managing Director
SLM Corporate
W: 03 9244 9644
M: 0419302493

Kuo ning Ho
SLM Corporate
W: 03 9244 9666
M: 0430809555