East Coast millionaire Jan Cameron will face court this month charged by the Australian Securities and Investment Commission with charges relating to baby formula company Bellamy’s.
Ms Cameron, 67, is a former director of Bellamy’s Australia Limited, and is due to appear in the Hobart Magistrates Court on March 12.
ASIC alleges that on or about 1 August 2014, when Bellamy’s became a listed company, Ms Cameron began – by herself and along with her associate The Black Prince Foundation – began to have a substantial holding in the listed company through a holding of 14 million Bellamy’s shares.
That holding represented 14.74% of Bellamy’s total issued capital and it is alleged that on or about 5 August 2014 Ms Cameron failed to disclose that interest as required.
Bellamy’s is a Launceston-based producer of organic food and formula products for babies and young children.
Ms Cameron was a director of Bellamy’s between May 2007 and May 2011.
Under the Corporations Act, a person must, if they begin to have a holding of shares in a listed company that results in 5% or more of voting power, lodge a substantial holder notice with the company and the relevant market operator (in this case, the Australian Securities Exchange).
The maximum penalty applying in August 2014 for failing to lodge a substantial holder notice was six months’ imprisonment or 25 penalty units, or both.
ASIC also alleges that on or about 15 February 2017, Ms Cameron lodged with Bellamy’s an initial substantial holder notice that was misleading on the basis that it failed to properly disclose her relationship with Black Prince and the basis upon which she had an interest in 14 million Bellamy’s shares.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.