GNR - over 20% ?

So the largest shareholder could get even larger "if" it underwrites the offer - The company says GNR is aproaching FIRB to go to 33% or 24% "if" they place $15m elsewhere. Correct me if I am wrong but I thought they also had to apply to ASIC for an exemption from the take over provision to go above 20% holding in any single ASX listed company. As it stands now I thought you had to make a full take over offer once you go above 20% ?

One scenario ( and this is only hypothesizing and not a prediction ) they underwrite the rights issue then offer a full take over tilt subject to a minimum 51% acceptance - if they get enough acceptances then they gain control - Obviously they would pitch a low ball bid as no other party could gazump them with a higher bid - If they dont get enough acceptance they can just soak up the falling fruit on market over time. "if" they get to 90% they can compulsory acquire the remaining shares

Im sure there are other numerous other scenarios but suffice to say I cant see how any of them are going to get the retail punters back to square on there current huge paper losses,

hOOt