Possible Scenarios, page-65

I said between them they own around 25 % and also said I would not be surprised if it was closer to 30% .
Cronin owns about 8.
But listen the top 20 hold 80% of the company so anyone here who reckons that they have any bearing on what price a takeover might take place at is pissing in the wind.
Just consider this scenario.
sandfire pitches are bid at around 3.50 per share and gains another 20 to 25 per cent of the company.
Now presuming that they are already at 19.99 percent if they make a bid that extra 20 to 25 per cent will give them control of the company.
Now once they have control they launch a cap raise to build the mine and gain another 10 to 15 percent through dilution. Then creep 3 percent over the next 12 months.
They all of a sudden are holding 2/3rds of ADT and you guys are locked in a company with no liquidity in selling shares and only one buyer who will probably just dilute you out if existence anyway.