Here is the clue, page-29

Tony you need to refer to Resolution 9 which was passed at the May 2015 GM, this resolution allowed that the proportional takeover provision in rule 8.13 of the Company’s Constitution be renewed for a period of three years, this rule allows shareholders to block any TO as explained in the brief issued prior to the meeting:

'Rule 8.13 of the Company’s Constitution contains a proportional takeover approval provision (providing that if an offer is received for a specified proportion of the Company’s shares, a shareholders’ meeting must approve the takeover bid before it may take effect). If that approval is obtained, the offer may proceed. If the approval is not obtained, the offer will be taken to have been withdrawn. The provisions do not apply to an offer under a takeover bid for all of the Company’s shares'

'The main advantage of a proportional takeover approval provision is that shareholders have an opportunity to study a proportional takeover bid proposal and, if they believe that control should not be permitted to pass under the bid, vote on the proportional takeover to prevent it from proceeding. In other words, this enables the views of shareholders to be formally ascertained. It may assist shareholders in avoiding being locked into a relatively powerless minority position, and increase shareholders’ bargaining power to require that a full bid, rather than partial bid, be made. It may also assist in ensuring that any proportional bid is adequately priced and is structured so as to be attractive to a majority of shareholders. By determining the views of a majority of shareholders, it assists each individual shareholder in assessing the likely outcome of a proportional takeover bid and whether to approve or reject that offer. The consequence of this is that all shareholders can avoid the risk of being a minority shareholder in a company controlled by a single dominant shareholder. Many listed companies have a proportional takeover approval provision in their Constitution as it allows shareholders to determine whether a proportional takeover bid should proceed.'

The above was passed so that the action that you are referring to would be far more difficult to proceed!!!

HKP