Why No Takeover??, page-35

It is highly unlikely that Mr T will make a takeover offer, nor will anyone else. A takeover by another would require Mr. T to agree to the price and his exit price would frighten others. Mr. T, who I assume is a sensible businessman, will be very conscious of his balance sheet strength. He will not have unlimited money and at some stage will require borrowing to complete the project. If he has 50% of a company listed on disallowed of a first world country, this is a gold plated asset with the valuation set by first world principles. If he owns the lot his borrowing capacity will be a lot less. That is why a listing on the ASX is so important to him. If you doubt this have a close look at the history of IVX.