Ann: Explaurum Takeover Update, page-14

'My personal opinion is that RMS own 4.96% of EXU through these acceptances and that ownership won’t be reversed if the defeating conditions are triggered and RMS decide to withdraw the offer'
the takeover regime provides the framework for the making of contracts to acquire shares from shareholders in the target company. So those EXU shareholders who have signed the takeover offer remain shareholders of EXU until the terms of that contract are satisfied.
If EXU issues shares during the bid period - and they have convened a meeting of shareholders to do just that - this defeating condition in the contract is triggered and Ramelius can withdraw the bid and those accepting EXU shareholders remain EXU shareholders .
Interestingly there is a provision in the Corporations act - the issue of shares by the target -that allows Ramelius to withdraw the bid fully 3 days after the closing date of 21 December but the RMS directors have chosen not to play this card .