is this a potential takeover target, page-2

Sancez,

I would doubt it very much. Any suitor would have to pay a considerable premium to the current share price and also be able to persuade quite a few major shareholders to hand over their stock.

If you were to compare the top 20 shareholder list from around 6 to 12 months ago up to now you would hardly recognise it. It's full of Companies and Instos holding their scrip in nominee companies, as opposed to mainly individuals 12 months ago, The days of a shareholder with 300k or 400k getting into the top 20 are long gone.

An example of that is the top shareholder 6 months ago
held 2 million shares and as of the 31st May their 2 million is just slipping in at 20 and will be out of the top 20 when the June 30 list is published.

Instos like Prudential Plc that took a 16.6 million placement at A$1.30 in May would obviously be looking for a much higher price in any takeover offer.

The recently updated valuation announcement puts a price on GVM at A$2.40, so I doubt that any offer, even at a 20% to 30% premium to the current shareprice would have very little chance of succeeding.

Just my thoughts anyway.

Cheers