Are Natural Cool shareholders acting in concert?

IN THE short space of just two months, two groups of shareholders have separately tried to oust Natural Cool executive chairman Joseph Ang. He, in return, has sought to draw links between them, connecting them and their actions all to the company's proposed divestment of a 16 per cent stake in an oil and gas exploration firm, HMK Energy.

That raises the question of whether the two nominally disparate groups might possibly be considered concert parties. It may seem an academic one - there has been no public sign thus far from regulators that the two groups of shareholders are acting in concert.

But the definition of concert parties might be broad enough to include cases such as this, and if the shareholders are in fact acting in concert, their combined…