Ann: Appointment of Director, page-6

what policy? at 19.9% it is ASIC that says its ok, but companies can increase slowly each year'

From a recent study....

An investor holding over 20% of a public company’s shares can avoid the
requirement to mount a takeover bid by accumulating a further 3% every six
months, perhaps eventually acquiring control. It has been alleged the practice
conflicts with the aim of the Corporations Act 2001 (Cth) that acquisition of
control takes place in an efficient, competitive and informed market. We
reviewed creeping acquisitions over the ten-year period April 2003 to April
2013 and found no pressing reason for the regulation of creeping acquisitions to
be modified on either equity or efficiency grounds. Creeping acquisitions
improve the liquidity of shares.