Ann: 2023 Annual Report to shareholders, page-174

Hi all. i am an infrequent poster but I'm not so sure about the multiple statements that the smaller shareholders won't have any say in a takeover proposal. My understanding of ASX rules are that a company needs to get to 90% in order to enact the compulsory acquisition of the last 10% of shares. So it only takes 1 or 2 large shareholders or multiple smaller shareholders to thwart the deal. In this scenario the company doing the buying usually sweetens the offer at the last minute to get over the line. If 90% is not achieved then the company stays listed with minority shareholders. the most usual scenario in this instance is a mop up bid at a higher price to the remaining 10% - this is cheaper but ultimately more burdensome for the bigger company.
For the record I think a takeover after the phase 2's will require a $100 AUD bid and I won't be accepting less than this