Hi Lion, it’s just a formality, they need to be re- approved on a periodic basis, think it’s every three years. Controls what’s allowed if someone only wants to make a proportional takeover, eg can they only offer to buy 60% of your shares, can they only offer to buy the top 20 shareholders or other mechanisms to target only a proportion of shares as opposed to a full takeover offer that’s available for all shares. That’s my understanding of it anyway.
But yeh, every time holders see it on the agenda they start getting excited that it might mean somethings about to happen re a takeover.
AGM, page-62
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