Brett Blundy and Ray Itaoui, under BB Retail Capital (BBRC), have passed 90% ownership of all shares of Best & Less Group (BLG).

In a letter signed by Blundy and released this morning, remaining shareholders are being asked to accept the takeover offer of $1.89 per share by July 14.

If they do not accept the offer by 7 pm this Friday (unless extended), BBRC “has determined to exercise its right to compulsorily acquire your BLG shares under the compulsory acquisition provisions of the Corporations Act.”

“In this case, the Bidder (BBRC) will issue the consideration for your BLG Shares to BLG. You will then be entitled to claim the consideration owing to you from BLG. In due course, BLG will send you a form to claim that consideration.”

Meanwhile, the Australian Stock Exchange (ASX) is expected to suspend quotation of BLG shares five business days following the compulsory acquisition.

“Once suspended, ASX will remove BLG from the official list at the closing of trading on a date to be determined.”

Meanwhile, the independent directors of BLG - Stephen Heath, Melinda Snowden and Colleen Callander - have resigned this morning as directors. The BLG board of directors appointed  Tim Dodd as a non-executive director of BLG with immediate effect. This is due to the dispatch of compulsory acquisition notices.

Dodd is already a BLG alternate director to Brett Blundy and serves as global CFO of BBRC across its investments and operations worldwide. He has over 30 years' experience in financial and operational roles across the banking, funds management, real estate and investment sectors and has worked in both publicly listed and private enterprises in Australia, the UK and Europe.

Dodd will not receive payment from BLG for his role as a non-executive director. 

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