Advice for Cameron

A HIGH-FLYING investor who became the founder of the Black Prince Foundation has given evidence in court on Jan Cameron’s alleged interest in Bellamy’s.

Janet Heather Cameron, 68, appeared for the second day of her hearing before Deputy Chief Magistrate Michael Daly on Wednesday.

Ms Cameron is accused of failing to give information about substantial holdings and making a false or misleading statement, with allegations she had, previously unbeknown to ASIC, become the largest shareholder in baby formula giant Bellamy’s in 2014 by warehousing shares and transferring funds through the companies Bicheno Investments, LENGKAP and the Black Prince Private Foundation.

It is alleged she later omitted information about her links with the company from a document lodged with ASIC in 2017.

The entrepreneur has pleaded not guilty to both charges.

Influential investor and KPMG managing director of mergers and acquisitions Jon Adgemis appeared at the Hobart Magistrates Court via video link as a witness.

Mr Adgemis said Ms Cameron had informally asked his advice some years ago about the viability of Tasmanian Pure Foods Ltd – the company which later became Bellamy’s.

“She wanted to understand better the IPO (Initial Public Offering) and … whether or not she should sell her interest or sell part of her interest,” Mr Adgemis said.

The investor said he offered the advice that he had been “a little concerned around the long-term business model” of the entity.

Some time later, Mr Adgemis said he discussed with Ms Cameron a parcel of Bellamy’s stock was going to be made available through an IPO.

Mr Adgemis said he understood at that time his client would invest through the Black Prince Private Foundation.

“Ms Cameron wanted to remain private and so when suggesting that there was a parcel of stock available she expressed an interest in participating in that parcel of stock but did want confidentiality at that time,” he said.

Mr Adgemis said that Black Prince was a structure set up in 2012 by financial service Trustmoore to invest in technology.

Mr Daly adjourned the matter to reappear on Monday, where Mr Adgemis will be questioned further as a witness.