Ann: Notification of Intention to Make Proportional Takeover Bid, page-7

some quick maths i attempted based on the available info out there (caution: which we know is only the tip of the iceberg):

post-quarterly reprot 31/10/2022: adroit has 71.4M shares
November 2022 director notice - Illingworth indirectly has additional 3.4m shares through adroit capital investments.

Adroit might have approx 74.8M shares.

2022 annual report: saithsiri (through M8H) has about 166.3M shares.

CURRENT SOI = 453.6M shares (asx).
adroit DOESN'T have 378.8M shares
adroit's proposal to take-over 1 share for every 5 they don't have at 1.4c = buy 75.76M shares at 1.4c = $1M CASH Approx.

this would give adroit with holding of 74.8M + 75.76M = 150.56M shares.

now the question is: who do they buy from? just M8H only or all investors proportionately.
my assumption is that it's from all investors proportionately given the letter states "upon shareholder approval if required... and that M8H would act in the best interest of shareholders etc etc"

in short -> This would mean M8H would go down from 166.3M shares to approx 133M share holdings.
This means Adroit would have about the same % as M8H approx 133M-150M each....

I would think having 2 big holders with equal holdings means the little retail investors play a bigger role moving forward, as opposed to before.

What do y'all think?