It's very clear what might happen if you read the Bidder's...

It's very clear what might happen if you read the Bidder's statement. Essentially, once they get over 50.1% they can replace enough board members, to then delist PGX (see bits I've bolded below).

6.3. Intentions for Primero as a part owned controlled entity
NRW reserves the right to declare the Offer free from the 90.1% minimum acceptance condition to the Offer (refer to section 10.14). However, it has made no decision as to whether it will do so. This section 6.3, describes NRW’s intentions if NRW were to declare the Offer free from the 90.1% minimum acceptance condition and, on completion of the Offer, NRW may hold a sufficient number of Primero Shares to exercise control over the management and operations of Primero, but may not be entitled to compulsorily acquire all outstanding Primero Shares.

NRW’s intentions under this situation are as follows:
a) Corporate matters
As soon as practicable after NRW acquires a Relevant Interest in 50.1% of the Primero Shares and the Offer becomes unconditional, NRW intends:
• subject to the Corporations Act and Primero’s constitution, to seek to appoint its nominees to the Primero Board such that a majority of the Primero Directors are directors nominated by NRW. NRW would consider the recommendations in the ASX Corporate Governance rinciples and Recommendations when determining the composition of the Primero Board. No decision has been made as to the identity of NRW’s nominees at this point in time.
• to cause Primero to apply to the ASX for removal from the official list as soon as it is in a position to do so, subject
to meeting the ASX’s requirements.