Ann: Notice of Annual General Meeting/Proxy Form, page-16

although I’m not overly concerned by this clause I feel it brings zero value to shareholders. Allowing a takeover bid of 75% of the shares and not the full 100% means the bidder doesn’t have to pay a premium for the full control of the company. It also means that the remaining 25% of the shares get stuck in being minority holdings.

this clause isn’t unusual by any means but I just don’t see it bringing any advantages to current shareholders.