new beginning, page-13

PRT have no need to make a takeover offer

They have no obligation to do so as any issue of shares under a rights issue does not "invoke" the takeover requirement

So, at 40% they can do a "Stokes" - buy 3% per year, do a sharebuyback with profits (as it benefits all shareholders they can vote on it without conflict), and take ownership at their own leisure - noting that at 40% they can vote whoever they want on and off the board........

So, they have control very shortly, without the premium of a formal takeover bid