Ann: Change in substantial holding from MIN, page-93

Sorry for the long post
If there are more than 150 shareholders remaining with more than $500 in value when the threshold of 75% is reached, does that mean delisting cannot occur? I honestly don't know, but would be very interesting to confirm it.

The following is gathered from
https://www2.asx.com.au/content/dam/asx/about/regulations/gn-33-final.pdf
The red is my comments

Say MIN get to 75%
2.10. Usual conditions in certain takeover situationsThis section applies where the entity requesting removal from the official list is an ASX Listing that has been the subject of a successful takeover bid for its ordinary securities where:The bidder and its related bodies corporate own or control at least 75% of the entity’s ordinary securities but have not met the conditions to proceed to compulsory acquisition of the remaining securities under the Corporations Act;

Excluding the bidder and its related bodies corporate, the number of holders of ordinary securities having holdings with a value of at least $500 is fewer than 150 <-- The $500 is the minimum required to be a marketable parcel (remember NWE tried to clean this up last year?)

The bidder foreshadowed in its bidder’s statement that it intended, if it secured control of the entity, to cause the entity to apply for removal from the official list; <-- It has

The takeover bid remained open for at least two weeks following the bidder and its related bodies corporate having attained ownership or control of at least 75% of the entity’s ordinary securities; and the entity has applied for removal from the official list no later than one month after the close of the takeover bid.<-- Good to know your options if it comes to the point where they could de-list NWE& still holding

In these cases, ASX will not usually require the entity to obtain security holder approval to its removal from the official list. This is on the basis that security holders had a reasonable opportunity to sell their holdings by accepting the bid after the bidder secured control of the entity and the entity is now at or near the margin where ASX may consider removing the entity from the official list for failure to maintain a sufficient spread of security holdings

The entity send a written or electronic communication to all security holders other than the bidder and its related bodies corporate, in form and substance satisfactory to ASX, advising them of the nominated time and date at which the entity will be removed from the ASX official list and that:

If they wish to sell their securities on ASX they will need to do so before then; andIf they don’t, thereafter they will only be able to sell their securities off-market; and
The removal of the entity from the ASX official list not take place any earlier than 3 months after the above-mentioned communication has been sent to security holders, so that security holders have at least that period to sell their securities on ASX, should they wish to do so. <-- This one I find interesting, removal of the entity not take place any earlier than 3 months after the communication has been sent, but in this time between the 2 weeks as mentioned above and 3 months does the stock become so illiquid that it isn't worth anything?

I have no doubt MIN would have no qualms pulling the rug out, but this is only if the accepting amount gets to 75%, but not 90% and gets compulsory acquired.