Hi Biva
The board does not need to hold any shares per-se; it just needs the right circumstances or inducement/s to support a T/O.
For example, OZL's recent T/O of AVB and its huge Cu/gold reserves.
This T/O was facilitated in April 2018, by a key shareholder that held approx 8% of AVB's shares on issue, and a compliant board that held bugger-all shares but a lot of free performance options (192 million) that were due to expire on 30 June.
These options were deep in the money at the T/O offer price. Surprise surprise, the board recommended that shareholder accept the offer, and in the process pocketed $32.6 million.
The moral of this story is: Never bet against self-interest.
Cheers
F
Line wipe 90c, page-36
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