Corporate moves: Fidelity gets out of Yowie as Wilson Asset Management buys 13pc stake
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Behind the delectable chocolates shaped like a mythical Australian ape, there is plenty happening on the shareholder register of chocolatier Yowie (ASX:YOW).
On Friday, Wilson Asset Management took a 13 per cent stake in the company, buying 28 million shares. This morning, Yowie announced that Fidelity had completely sold out of the company.
Fidelity was Yowie’s fourth biggest shareholder prior to that, with a 9.24 per cent holding.
All of this comes after another of Yowie’s shareholders, Keybridge Capital, lost patience with the company and launched a $20 million takeover offer.
It had earlier taken a 19.998 per cent holding alongside fellow investors Bentley Capital (ASX:BEL) and Aurora Funds Management, with the group saying it had identified Yowie as a good, but undervalued brand, with a stated aim of getting the company back on track.
Yowie bosses said the takeover offer from Keybridge was “highly opportunistic” and “fundamentally undervalued” its business, brand, intellectual property and cash balance.
The company’s shareholder register is yet to be updated following the Fidelity sell-out, but Bentley, Keybridge and Aurora will remain the three largest shareholders, in that order.