Ann: Change in substantial holding from MIN, page-39

MIN will be limited to the following rule. acquisitions of no more than 3% of the voting rights every six months (creep rule)

Also.

>50%

Passage of ordinary resolutions

A person who owns or has voting control over more than 50% of a company’s shares can unilaterally pass an ordinary resolution, because it requires approval by a majority of votes cast. Importantly, directors can be appointed and removed by shareholders by ordinary resolution. (In practice, a person can normally pass an ordinary resolution on their own with less than a 50% interest given voter turnout at company meetings is often substantially lower than 100%.)

(Note: where there remain minority shareholders in a company, the company’s directors cannot favour the controlling shareholder over the others because the directors have a duty to consider the interests of the company as a whole. Further, related party dealings that require shareholder approval will likely need to be approved by the minority shareholders alone, with the controlling shareholder(s) excluded from voting.)

≥75%

Passage of special resolutions

A person who owns or has voting control over 75% or more of a company’s shares can unilaterally pass a special resolution, because it requires approval by at least 75% of the votes cast. Under the Corporations Act, certain matters need to be passed by a special resolution of shareholders, eg amendments to the constitution, change of company name, change of company type, selective reduction of capital, selective buy-back of shares and winding-up. (In practice, a person can normally pass a special resolution on their own with less than a 75% interest given voter turnout at company meetings is often substantially lower than 100%.)

(Note: where there remain minority shareholders in a company, the company’s directors cannot favour the controlling shareholder over the others because the directors have a duty to consider the interests of the company as a whole. Further, related party dealings that require shareholder approval will likely need to be approved by the minority shareholders alone, with the controlling shareholder(s) excluded from voting.)


And it looks like Min wont get 75%.