BirdDog Technology (ASX:BDT) has acknowledged that it inadvertently breached the Australian Securities Exchange (ASX) listing rule 10.1 after it failed to obtain the required shareholder approval for its 2024 selective share buyback process, according to a Friday filing with the Australian bourse.
Under the rule, shareholder approval is needed for transactions involving substantial shareholders holding more than 10% of a company's shares, the filing said. The relevant shareholder, holding 16.3% of BirdDog's issued capital, was involved in the buyback.
To prevent future breaches, BirdDog will implement board training, consult legal advisers, and engage with the ASX on transactions that may trigger Listing Rule 10.1, per the filing.
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