Co is getting ready to lob a bid for ASX-listed peer ICSGlobal, which has been suspended from trading for more than 1½ years., whose largest shareholder is local activist investor Sandon Capital, was expected to lodge a 20¢-a-share bid for ICSGlobal, valuing it at about $2.1 million.
It has a 2.7 per cent stake in ICSGlobal and was understood to be pushing for a 50.1 per cent acceptance rate and the majority of the board seats. ICSGlobal invests in healthcare-related businesses and its shares haven’t traded since June 2021. It has $3.5 million cash , according to a presentation from its annual general meeting in November, and has been looking for businesses to buy. It currently has no investments, making it just a cash box.
Dawney’s bid is understood to have been driven by ICSGlobal’s failure to lock in a target for its $3.5 million in cash, while it continues to rack up corporate costs and dwindle the cash pile. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.