Ann: Strategic A$15.28M Investment from Keysight Technologies, page-33

Well said, well put Triage (are you a FACEM? btw, only that is would know what I mean) and I do agree with everything you have said.
And those other biotech companies one in software another hardware and another yet in blood products have all taken 10-20+ years to get to where they are.

My 5% refers to being a substantial holder, and thus have to put forward ASX notice, but see you're 2nd level thinking about board room tactics and corporate activity.

WRT to takeovers:
Note that when it comes to voting, a large number of share holders (some say up to 80% of share holders, NOT 80% of votes) do not vote in the case of takeovers. And yes for a full compulsory takeover they need 90%. 10% combined from a combination of 2 or more shareholders would work to foil this.

The other number is 75% need for a special resolution - scheme of arrangement I belive - so delist but you can be still a shareholder (or that might be 50%)
Sorry have to refer to the book each time I take part in these (been personally in 20+ takeover activities).

This has been by hand book which I often refer to for different changes of control.
https://www.allens.com.au/globalassets/pdfs/sectors-services/ma/takeovers-handbook.pdf