Exactly. There are also still multiple ways Aahana can acquire a larger position without triggering a takeover, that will create further delays.
Point 7) and 16) are the ones to be wary of. ——————————
Acquisitionsexceeding 20% of a listed company that are exempt from triggering a takeover bid.
Section 611, Part 6.2 Corporations act.
7) Approval by resolution of target
An acquisition approved previously by a resolution passed at a general meeting of the company in which the acquisition is made, if:
(a) no votes are cast in favour of the resolution by:
(i) the person proposing to make the acquisition and their
associates; or
(ii) the persons (if any) from whom the acquisition is to be
made and their associates; and
(b) the members of the company were given all information known to the person proposing to make the acquisition or their associates, or known to the company, that was material to the decision on how to vote on the resolution, including:
(i) the identity of the person proposing to make the acquisition and their associates; and
(ii) the maximum extent of the increase in that person’s voting power in the company that would result from the acquisition; and
(iii) the voting power that person would have as a result of the acquisition; and
(iv) the maximum extent of the increase in the voting power of each of that person’s associates that would result from the acquisition; and
(v) the voting power that each of that person’s associates would have as a result of the acquisition.
9) Manner of acquisition
3% creep in 6 months (Unlikely- wasting everyone’s time).
An acquisition by a person if:
(a) throughout the 6 months before the acquisition that person, or any other person, has had voting power in the company of at least 19%; and
(b) as a result of the acquisition, none of the persons referred to in paragraph (a) would have voting power in the company more than
3 percentage points higher than they had 6 months before the acquisition.
16) Forfeiture of shares
An acquisition that results from an auction of forfeited shares conducted on market
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CKA Price at posting:
5.1¢ Sentiment: Hold Disclosure: Held
