Ann: LIT: Bidder's Statement, page-54

Hi Jand J,

I looked into this quite a lot a few weeks back and long story short. Not likely, it is used extensively throughout the US but ASIC does not like discrimination against pockets of shareholders.

However, it all comes down to the takeovers board. They can approve the use of the Poisen pill, but it is a difficult ploy to get approved.
It all comes down to what the LPD board can sell to the takeovers panel, that represents the best interests of their shareholders.
The panel is there to make sure the board is not just looking out for themselves at the expense of their shareholders.
Given the situation and the lack of info regarding Sileach, it may be worth a shot!

IMO a white knight would be best with a CR close to the market price open to existing shareholders. PWN etc will need to fork out a lot of cash to fully participate and even if they do, the white knight will dilute them (and us) also.
Then consolidate to tighten the register.

Statistically however, it is very rare for a hostile takeover to be successful in Oz without a recommendation from the board. So the odds are against LIT as it is. So it may just come down to a PR war.