Mainstream Group Holdings Limited (ASX: MAI, Mainstream) advises that regulators in Europe and the Cayman Islands have beneficial ownership restrictions on Group owned subsidiaries that operate in these regions. As a result, ownership limits apply to MAI shareholders seeking a relevant interest in 10.0% or more of the Group’s voting power.
The Board acknowledges that this ownership limit is in conflict with normal market forces but is necessary to ensure that shareholders comply with laws in all markets in which Mainstream operates.
Any shareholder seeking to exceed the regulatory imposed 10.0% beneficial ownership threshold needs to provide prior written notification of the proposed transaction so that the relevant regulators can examine whether there are any prudential grounds upon which they should object or impose conditions on the transaction.
In accordance with ASX Listing Rule 3.19 and to ensure compliance with these laws, Mainstream’s regulators may require divestiture of any shares that exceed the shareholding restrictions.
Please contact the Company Secretary, Alicia Gill, for further details via email@example.com or +61 2 8259 8859.