Low liquidity so a takeover would probably have to be off...

Low liquidity so a takeover would probably have to be off market. I think CEO would oppose it because the business is a massive cash cow for him personally, so would likely be a hostile takeover attempt. i think it would be hard for anyone to get to more than say 5% as a starting position. After that everyone can see what they are doing.

definitely more attractive as a target after all those options expire as well. Can't remember the expires off the top of my head but im sure someone will jump in. I think it was roughly 10% of the float so it's substantial.

but it's definitely possible. Maybe someone like WAM who have a track record at successfully managing takeovers. Could potentially split up the business and get more out of it.