Bellamy's Australia has released details about the identity of of the Black Prince Foundation, the mysterious entity seeking to roll four of its directors, which debunks suggestions that Tasmanian entrepreneur Jan Cameron has no direct connection to the entity.
Documents lodged with the Australian Securities Exchange (ASX) as part of Bellamy's defence against the dissident shareholders have put the spotlight on Cameron's charitable organisation based in a Caribbean tax haven and its links to the Malaysian entity controlling Black Prince.
Importantly, the tracing notice confirms that Cameron and Black Prince representative Rodd Peters are directors of the entity that is trustee for Cameron's charitable organisation.
The notice says Cameron and Peters are "directors and shareholders of the Elsie Cameron Foundation Pty Ltd as trustee for the Elsie Cameron Foundation".
It goes on to say: "While there has been no practice of such, there is an expectation that LENGKAP or BPPF would act (with respect to their shares) in accordance with the wishes of the Elsie Cameron Foundation as expressed by the directors of Elsie Cameron Foundation Pty Ltd..."
The Black Prince Private Foundation of Landhuis Groot Kwartier, Groot Kwartierweg12, (known as LENGKAP) owns 14 million shares in Bellamy's it acquired around June 2014 when the company floated.
This suggests that the entity known as Black Prince is in fact answerable to Cameron.
These details are important for Bellamy's shareholders given Black Prince and Cameron claim to speak for 35 per cent of the company's shareholders seeking to sack four of its directors.
They originally launched the move to save the career of chief executive Laura McBain who was sacked last week after the company issued an earnings downgrade.
Cameron has repeatedly told the media she had no connection to Black Prince.
On Tuesday, she said had no "financial benefit or personal interest" in Black Prince because any any profits or dividends go directly to the charity, which has a separate board of directors which is technically true.
It remains unclear why a charitable organisation would need to be based in the Caribbean tax haven of Curacao in the first place.
The documents to be released by Bellamy's as part of its response to Cameron's motion to unseat the directors add to the stink surrounding Bellamy's.
It is believed the matter has been referred to the Australian Securities and Investments Commission (ASIC).
Cameron only confirmed the Black Prince links late Tuesday as the Bellamy's board was planning to make the information public anyway.
- This story first appeared in The Australian Financial Review
