Ann: Recommended and Unconditional Takeover Offer Extended, page-9

Ok, now here is what actually happened

1) Dec 2021 EMR launched a takeover bid for Bullzeye, having acquired 19% via offmarket
https://app.sharelinktechnologies.com/announcement/asx/c4526c4ef604cf2c34a5c47cddc70163
2) FEB 2022 Chinese shareholders go to the TOP citing unacceptable circumstances in the takeover bid, and the TOP agrees
https://app.sharelinktechnologies.com/announcement/asx/5e5c42a1d8b502b6c5bb96ef95aa281e
3) March 2022 Chinese shareholders again to go the TOP citing more unacceptable circumstances, and again the TOP rules in their favour
https://app.sharelinktechnologies.com/announcement/asx/7e04b31861ff2bb5e208ab9f74de4bb5
4) June 2022 the takeover offer closes with EMR owning 59% of Bullzeye, and therefore EMR controls the Bullzeye board
https://app.sharelinktechnologies.com/announcement/asx/e2c4247ef473bd227b802bf3070f6c54

5) Somewhere around this time period the chinese shareholders had ongoing lawsuits against Bullzeye (EMR now the majority shareholder), with more than 1 of them in the Supreme court and others in the high court.

6) July 2023 EMR launches another takeover of Bullzeye, and announces at the same time that the chinese shareholders and Bullzeye (controlled by EMR) have reached a settlement agreement on all the court cases, the Chinese will be given Millions of Bullzeye shares, and the chinese have agreed to sell all of their existing and the newly received shares to EMR. Which together will bring EMR over the 75% ownership of Bullzeye .

7) A shareholder of Bullzeye goes to the takeover panel citing unacceptable practices, which among other things claims that the process of agreeing a deal with just two shareholders which also involved settling court cases and agreeing a level of compensation by share distribution, meant that the remaining Bullzeye shareholders where being treated unfairly compared to the chinese shareholders.

8) FOR THE THIRD TIME, the TOP agreed that there had been unacceptable circumstances and applied quite severe orders on Bullzeye/EMR including stymied the voting rights of the shares that EMR acquired from the chinese shareholders, and stopping EMR underwriting any future Bullzeye fundraising (as a way to increase shareholder). It also required Bullzeye to engage an independent expert report to examine whether the chinese were treated favourably at the expense of the other bullzeye shareholders.
https://app.sharelinktechnologies.com/announcement/asx/b6527a209f061e7e0e224af4bb7a9ce8

The takeover panel must be furnished with this report and approve it or otherwise before the Takeover can be ended. I the meantime any Bullzeye shareholder that has taken up the offer from EMR has the right to reverse out of the offer.

So on 3 different occasions, over 2 takeover attempts, the TOP has confirmed that the nature of the takeover included unacceptable practices,

9) Today we were told that the report has been submitted to the takeover panel a few days ago.