Look up creep provisions in regards to them acquiring more once...

Look up creep provisions in regards to them acquiring more once over 20%

Apart from saving listing cost no need to privatise as they have control and easier to tap market / shareholders for $ if listed and ultimately sell if they desire. Small holders are just fodder once control is achieved so you have to be a very wary minority holder and hope mgt are always doing everything to benefit all shareholder sizes.

Only reason to privatis eis when they expecta offer to come and can scare listed holders out of holdings by delisting from ASX and then aquiring shares in off market transactions etc - still limited by creep provision

Usual way sharp management skim off extra $ is in fees, associated related costs to other company structures, renting premises from themselves , loaning company $ at high rate, options, performance shares s, issuing cheap to themselves as investors etc etc.

Do a google for asx takeover or similar and the big law firms all put out very good guides

https://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=panel_process/summary_of_takeover_provisions_in_australia.htm

There are a number of exceptions to the prohibition in s606, including:

• an acquisition that results from an acceptance of an offer under a takeover bid (item 1 of s611)
• an acquisition approved by a resolution of the company in which the acquisition is made (item 7 of s611)
• acquisitions of no more than 3% in every 6 months (the 3% "creep" exception in item 9 of s611)
• an acquisition that results from a rights issue (item 10 of s611)
• a downstream acquisition resulting from an acquisition of relevant interests in another listed entity (item 14 of s611) and
• acquisitions resulting from a scheme of arrangement (item 17 of s611).

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