ASIC appoints Morgan Stanley to sell shares in The Market Herald Limited

ASIC has appointed Morgan Stanley Wealth Management Australia Pty Ltd (Morgan Stanley) to sell 2,061,343 ordinary shares (Sale Shares) in The Market Herald Limited (TMH).

The sale follows a decision by the Takeovers Panel (the Panel) to vest shares in the Commonwealth for sale by ASIC. As at 27 July 2023, the Sale Shares represent approximately 0.64% of TMH’s issued capital.

The sale process will follow the requirements specified in the Panel’s orders on 8 June 2023. Under the orders:

Morgan Stanley will use the most appropriate sale method to secure the best available sale price for the Sale Shares that is reasonably available at that time and will dispose of the Sale Shares within six months from Morgan Stanley’s appointment;
Mr David Brian Argyle, Mr Gavin Argyle, Mr Alec Pismiris, Ms Kasey Linney and Mr Eric Rosenal and their associates may not, directly or indirectly, acquire any of the Sale Shares; and
Unless the Sale Shares are sold on market, prospective purchasers must provide a statutory declaration that they are not associated with Mr Gavin Argyle, Mr David Brian Argyle, Mr Alec Pismiris, Ms Kasey Linney and Mr Eric Rosenal or their associates.

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