Merlon Clarifies its Position Regarding Couche-Tard Offer for Caltex Australia

In response to media commentary1 and to ensure all our investors have access to the same information we are making available a letter and presentation sent to the Board of Directors of Caltex Australia Limited on 4 December 2019.

Merlon engages with the boards of all its portfolio companies, shares elements of its research and takes an active approach to addressing governance concerns. Where appropriate, Merlon engages formally through written correspondence to ensure important matters are adequately escalated and considered at board level.

In carefully considering our positions we take a long-term view and are unphased if our views are different to popular opinion. We are acutely aware of the agency problem that exists between shareholders, boards, financial advisers and the management of the companies we own.


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