To give someone 25% is above the 20% trigger and is effectively treated as a corporate transaction as the person would gain a controlling interest in the company. this would require shareholder approval.
A person cannot acquire a ‘relevant interest’ in voting securities of an entity that is subject to the takeovers rules if that would result in any person’s ‘voting power’ exceeding 20%, except via a specified exception (such as a takeover bid or scheme of arrangement).
remember the board wants a big transaction, two of them are incentivised to possibly tens of millions of dollars if the price is right... They don't want to mess this up by giving away a controlling interest and then being screwed on the deal table by the shareholder vote effectively being controlled by a single large shareholder.
If they were to use the mechanism, they would likely do a Share purchase plan where they offer shares to existing shareholders proportional to their holdings and often with a cap.
e.g. "eligible shareholder can purchase one for every 5000 shares owned up to $50,000."
so it limits an individual shareholders' ability to accumulate a controlling stake
i agree with the remuneration comments - these guys will all make a packet out of a big transaction and if it's imminent they really dont need any more money. Remember that 55% of the sale incentive pool goes to two people, the rest to us based employees (which is 7.5% of the sale value above 550m). It adds up quickly
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Ann: Letter to Shareholders & Notice of Annual General Meeting, page-188
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Last
2.4¢ |
Change
0.000(0.00%) |
Mkt cap ! $49.46M |
Open | High | Low | Value | Volume |
2.4¢ | 2.5¢ | 2.4¢ | $44.91K | 1.850M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
22 | 2200696 | 2.4¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
2.5¢ | 1899417 | 14 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
22 | 2201900 | 0.024 |
26 | 6408933 | 0.023 |
16 | 7105843 | 0.022 |
16 | 2837095 | 0.021 |
34 | 7609850 | 0.020 |
Price($) | Vol. | No. |
---|---|---|
0.025 | 1879549 | 14 |
0.026 | 1911667 | 7 |
0.027 | 1670511 | 7 |
0.028 | 780000 | 2 |
0.029 | 547592 | 6 |
Last trade - 15.39pm 02/07/2025 (20 minute delay) ? |
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