With respect, I think you are wrong with your assumption as for...

With respect, I think you are wrong with your assumption as for this to be buying by TLEA as they would be in breach of the takeover provisions. I have included below a link to a summary of Minter Ellisons's Web site addressing takeovers. The specifics about off market takeovers includes the following:

"the offer price cannot be lower than the price the bidder or any of its associates paid to acquire a target security in the previous four months"

If they paid the price of $0.51 for any shares, they would be in breach of the takeover laws and presumably would have had to immediatley inmcrease their offer price (the principle of equity). Here is a link to the summary, and there are more detailed commentary with the Minter Ellison site.

https://www.minterellison.com/articles/summary-of-australian-takeover-laws

regards
DF