Regulator objects to Poseidon’s entitlement offer

Corporate regulator the Australian Securities and Investment Commission (ASIC) has approached the Takeovers Panel to prevent Andrew Forrests’ Squadron Resources from increasing its interest in ASX-listed Poseidon Resources to nearly 61% without first gaining shareholder approval.

Poseidon last month announced a renounceable entitlement, fully sub-underwritten by Squadron, to raise about $68.8-million, as well as a placement to raise A$5.8-million.