CLQ Chart, page-556

Notned he doesn't have to 'creep'

"Acquisition approved by an ordinary resolution of securityholders of the relevant entity. The following persons cannot vote in favour of the resolution: the acquirer, the acquirer’s associates, the ‘sellers’ and the sellers’ associates. This exception cannot (without ASIC relief) be used to acquire 100% of an entity because all
target securityholders would be excluded from voting in favour of the resolution. The exception is more commonly used for new security issuances (ie. where new funds are injected into the entity), rather than to transfer existing securities which normally does not provide any direct bene t to securityholders other than the seller."

Many years ago I had an interest in RIV - which was sold to RIO. The Board had over 50 % of the shares. RIO made a friendly t/o and it went to shareholder vote - the Board abstained from voting. All good, everyone happy. Good Corporate Covernance.

Cheers