Ann: Change in substantial holding from AAR, page-5

They can apply for delisting at 75% - There is however a few prerequisites.

ASX policyThe ASX sets out its policy on delisting in Guidance Note 33. This includes a number of guidelines to safeguard the interests of minority shareholders in the context of any proposed delisting.ASX states that it will use its discretion to ensure that the delisting of any entity is being sought for ‘acceptable reasons’.

ASX says that a request to remove an entity from ASX that is primarily or solely aimed at denying minority securityholders a market for their securities or in order to coerce them into accepting an offer from a controlling securityholder to buy their securities at an undervalue, would be an unacceptable reason for requesting removal from the official list of ASX.

A key ASX guideline relates to whether the approval of minority shareholders is required. In a post-takeover scenario (where shareholders have had the opportunity to sell their shares into the bid), ASX says that a vote would most likely not be needed if each of the following four conditions are met:the bidder and its associates own or control at least 75% of issued shares;there are fewer than 150 shareholders (excluding the bidder and its related bodies corporate) whose shareholding is worth at least $500;the takeover bid remains open for at least an additional 2 weeks after the bidder and its associates have attained ownership or control of at least 75% of issued shares; andthe company has applied for removal from the official list of ASX no later than one month after the close of the takeover bid.If these conditions are satisfied, delisting should be permitted, though ASX states that it will usually require the following procedural conditions to be satisfied:the company must send a letter or email to remaining shareholders advising them of the nominated time and date at which the company will be removed from the official list of the ASX and that, if they wish to sell their shares on ASX, they will need to do so before the company is removed from the official list of ASX and, if they do not, that they will only be able to sell their shares off-market; andthe removal of the company from the official list of ASX not take place any earlier than 3 months after that statement has been sent to the remaining shareholders, so that they have at least that period to sell their shares on ASX should they wish to do so.If the above conditions are not satisfied (for example, where the number of shareholders with more than $500 worth of shares exceeds 150 in number), the ASX may approve an application for the company to be delisted if there has been shareholder approval by special resolution (that is, a resolution passed with a 75% majority).Importantly, as a further protection for minorities, the bidder and its associates are only entitled to vote on the resolution to approve the delisting if the approval is sought more than 12 months after the takeover offer closes. In its guidance note, ASX states that, even if the resolution is passed, it retains its overall discretion, but how that will operate after shareholders have voted is unclear.