No, There are many ASX listed companies with significant shareholders over 50.1%. Should this occur, yes, you would still be a shareholder. Even if AVB was removed from the ASX, you would remain a shareholder and the company would still have a legal obligation to report to you and you could sell your unlisted shares through a broker if required.
At 50.1%, OZL would essentially call all the shots, and it would make further takeover speculation unlikely, so you may expect the share price to suffer as a result. But you would still get the benefit of share price appreciation and dividends just as much as OZ would.
OZ should and is trying to get to 100%, because then it can reduce the administrative costs of having the second ASX listing and reporting obligations / management costs for AVB. The offer document says 50.1% minimum, because if OZ can't get control, then they don't want to be stuck in a minority position. It's a way of saying we want control or nothing.
On the ASX, you can't buy more than 20% of a company without offering the same deal to all shareholders to buy the whole lot (conditions apply).
If OZ successfully gets to 90% ownership, then it is allowed to compulsorily acquire your shares on the same terms as the takeover offer. essentially taking 100% of the company.
In short. Oz wants 100%. It will settle for 50.1%. If they land under, nothing changes. If they land in the middle, you remain a shareholder with AVB remaining on the ASX, albeit with reduced liquidity (shares generally available for trading). If OZ gets to 90%, then you're forced to sell into the offer.
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