Dropsuite Limited (ASX:DSE) Declared Unacceptable Circumstances
Declaration Details
The Takeovers Panel has declared unacceptable circumstances for Dropsuite Limited (ASX:DSE) following non-compliance by its largest shareholder, Topline Capital Management, LLC.
Orders Issued
The Panel has ordered Topline and its associates not to sell, transfer, or dispose of any Dropsuite shares, not to decrease their voting power, and to vote all held shares in favour of the proposed acquisition by NinjaOne, subject to specified qualifications. These orders remain in effect until after the scheduled Scheme Meeting on 9 May 2025 or until further notice.
Background
Dropsuite entered into a scheme of arrangement with NinjaOne on 28 January 2025, where NinjaOne Australia Pty Ltd agreed to acquire 100% of Dropsuite’s shares for $5.90 per share. Topline Capital Management initially held a 31.0% voting power but reduced it to 19.7% and then to 10.5% through multiple disposals between January and March 2025 without timely reporting, violating substantial holder provisions.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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