If so it will surely include a SPP component for existing holders. Twiggy won’t want to be diluted unless it temporarily & strategically drops his holding by a sufficient margin so that he can still acquire Rothwell’s stake off-market under a gentleman’s agreement, and to keep within the <20% trigger (and so that Rothwell can comfortably sail off into the sunset, along with Austal’s Rothwell-linked political baggage).
Ann: FY2023 Annual Report Appendix 4E, page-35
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