ARL 2.13% 46.0¢ ardea resources limited

Ann: Retention Notice - Sale of Unmarketable Parcels, page-10

  1. 145 Posts.
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    SoAs require 75% by vote and 50% by number. So someone holding $1 has the same second limb power as a $1m holder. Back in the day we would pay people to purchase tiny holdings as a defence to the second limb (cant do this anymore). Nowdays 2nd limb a pretty major hurdle to get over when aquiring a small cap due to the quantity of retail holders that are uncontactable.
    Importantly, you can't buy unmarketable parcels while under active offer.

    I've done this process a dozen times as an M&A lawyer.
 
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