Allan Gray fails to block Roc merger with Horizon

07/21/2014
Fund manager Allan Gray, the largest shareholder in Sydney-based Roc Oil Ltd., has failed in its challenge to the company's proposed $800 million (Aus.) merger with Horizon Oil Ltd., also of Sydney. Allan Gray, which owns 19.9% of Roc, called an extraordinary meeting on July 11 to protest a loophole in the Australian Stock Exchange listing rules that allowed one company to buy another with its shares without obtaining approval from its own shareholders. Allan Gray wanted to change Roc's constitution to allow the company's investors a vote on the Horizon transaction. The resolution to the meeting required the support of 75% of Roc's register, but only 46% of proxy votes cast backed the pro...
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