Ann: Project and Funding Update, page-498

I don't want people to misunderstand the takeover provisions and therefore people should read about this complex area. I also do not want to go into print about the whole process as I am not sufficently knowledgeable and also, the circumstances of a bid tend to be in a constant state of flux, especially if there is competition. Each twist and turn raises new circumstances and legal requirements.

Refer to the Allens handbook on takeovers found at this link....
https://www.allens.com.au/globalassets/pdfs/sectors-services/ma/takeovers-handbook.pdf

Hancock does not need 90% or 100% of the shares to control the company and our destinies. Sure, for compulsory acquisition to apply it has to be at least 90%, but with 50% plus they can control the compostion of the board and therefore the decision processes about (for instance) dividends leaving minority shareholders out in the cold. They could simply continue to hoard cash and/or expand the business without delivering any cash returns to shareholders. Sure there would be theoretical capital gains for remaining holders in a listed company, but shareholders mostly want a return on their investment and the sahre price would very likely drift lower and lower.

Then minority shareholders would be stuck, and Hancock could wait and say each 6 months just make a make a meagre offer which in the circumstances minorities would feel obliged to accept. It's a fact that in the NWE takeover MIN just kept the then "unconditional offer" open to allow those remaining hold outs to realise their weak position and accept the offer eventually taking MIN over 90% threshold. For more background refer to the Warrego Energy takeover in late 2022 and early 2023 involving Hancock and MIN and STX.

So we should not feel that TG holds a lot of bargaining power with his stake, but he does have the support of the board and likely their holdings and those of other loyal LTHs. But even he would logically accept a bid that looked likely to take them over 50% imo. The question is what sort of bid might get that much acceptance. Bids will be less likely to succeed without board support. That is where his power lies, to negotiate a smooth path for Hancock with a bid sufficiently high that the board could recommend.

This is all just my musings and I recommend people read the handbook above if they feel the need, don't take my words literally.

regards
DF