News: MCR Wyloo Consolidated Updates Intentions On Mincor Resources' Continued Listing On ASX, page-7

You have a point. Found this https://www.ashurst.com/en/news-and-insights/legal-updates/takeovers-in-australia/#:~:text=90%25%20Compulsory%20acquisition,in%20the%20bid%20class%3B%20and

which doesn't mention that it applies to only listed companies. So yes, the next takeover offer to mop up the 10%+ minorities may be at whatever price they decide.

Obviously my relatively small holdings do not matter at all, so it's really a punt on the remaining big shareholders holding out for an offer higher than $1.40. I do remember that a few years ago, Solly Lew didn't sells his shares into David Jones bid, and then South African Woolies have lobbed a much improved bid to mop up the shares they didn't own.

Anyway, it could be a moot point if they do get to 90% in the next 2 weeks.

90% Compulsory acquisition

All shares subject to a takeover bid are able to be acquired compulsorily at the bid price if the bidder and its associates have:

• relevant interests in at least 90% by number of the shares in the bid class; and
• acquired 75% by number of the shares that the bidder offered to acquire under the bid (which effectively increases the 90% threshold only where the bidder and associates have more than 60% of the shares in the target before bidding).