So is this not a clear case of front running?
The takeover attracted scrutiny in the media because of the presence of two obscure Channel Island shareholders that accounted for 27% of Feedom after buying heavily in the weeks ahead of the deal: Formal Property Management Services (14.9%) and Hawkesbury Ltd (12.2%).
Walker was quoted by Australian media as saying he knew “little” about them.
Australian institutional shareholders wanted the Australian Securities Investments Commission to scrutinise the scheme, in particular shareholder voting entitlements and the holdings of the two mysterious entities registered in the Channel Islands.
“The whole thing is very murky,” Invesco fund manager Ross Wilkinson said at the time.
Said another shareholder: “I find it hard to understand why someone would put so much capital into a small Australian retailer and have no active involvement.”
With the benefit of the treasure trove of documents provided by the Panama Papers, we can now see