Nicolas Bolton launches takeover of property fund

Controversial 27-year-old IT entrepreneur Nicholas Bolton has launched a takeover for Multiplex Prime Property Fund through his private investment company, Australian Style Investments.

Bolton shot to prominence earlier this year when he attempted to wind up the $4.7 billion BrisConnections toll road project, only to sell his right to vote in favour of the wind-up proposal for $4.5 million at the last minute.

Bolton has offered 0.3c per Multiplex security, which last traded at 0.2c per share.

Bolton already owns just under 20% of the company, so acquiring the rest of the shares would cost him around $700,000.

But there is a catch – buying the shares would mean Bolton will owe around $112 million, as the shares are partly paid, meaning investors need to pay a total of 60c to hold onto their stakes.

However, if Bolton’s takeover is successful he could be able to remove the trust’s management company, Brookfield Multiplex Capital Management Limited, and potentially extricate himself from having to pay the $112 million.

Brooksfield Multiplex says it is still accessing Bolton’s offer.