Ann: BPT: Beach launches cash bid for Adelaide En, page-22

re: Ann: ADE: BPT: Beach launches cash bid fo... "BPT has control of ADE with > 50% shareholding. However, to compulsory acquire the remaining shareholdings in ADE BPT would need to get to 90% of ADE."

However it can roll the board and replace it with its own directors.

It only requires a 5% shareholding to do that, change the board and you remove any real opposition to the take over.

CB