Not so sure about foreign buying, but you can certainly buy 20% on market here. You don't have to tell anyone. Technically, you do need to lodge changes in substantial notices. But, if you don't, nothing happens as there are no penalties, whats ASIC going to do?
Above 20% you can only do 3% a year or bid outright. 20% can often get you control of the company though, roll the board, put your own guys in, pay yourselves what you like etc.
But Northern have lodged their change in substantial, so that makes me think they aren't going to try a takeover, but who knows. Not me thats for sure.
They can buy shares off market, happens all the time, thats how you see people suddenly appear with 20% of an illiquid small cap stock.
They are buying on market, but of they are going to try a takeover, you can bet they have called all the major shareholders to see if they would sell an d if so, at what price.
I hope us TAP shareholders get a win, we deserve one, we are well positioned, have a good asset(s) and management has done a good job in the last 3 years to get to this point. A bit unlucky with the oil price, no one saw that coming.
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