Bellamy's Australia has turned into one for the legal boffins and you have to wonder how long it will be before the Takeovers Panel gets involved.
Notice of meeting documents dispatched on Thursday delved further into the dealings between agitator Jan Cameron and the Black Prince Private Foundation, which controls 14.5 per cent of the embattled baby formula maker.
Cameron directly holds 2 per cent in Bellamy's but the links between her Black Prince have raised eyebrows. It's understood the corporate regulator and the Bellamy's board are separately weighing applications to the Takeovers Panel to seek a determination on whether the Cameron and Black Prince are working in association. The twist was that Cameron was offering up a cash injection of $5 million to $20 million via a convertible note that would be tied to several directors resigning. The proposal was knocked back on commercial grounds.
The question is whether the note - had it been accepted by the board - would have tipped Cameron and Black Prince over the 19.9 per cent takeover threshold.
