As of today, it looks like directors hold 23.55% of LPE, close...

As of today, it looks like directors hold 23.55% of LPE, close to the strategically important 25% required


https://content.allens.com.au/the-allens-handbook-on-takeovers-in-australia/shareholding-thresholds/
Blocking of scheme of arrangement

A person who owns or has voting control over 25% or more of a company’s shares can unilaterally block the approval of a takeover conducted by a scheme of arrangement, because one of the scheme voting thresholds is approval by at least 75% of the votes cast on the scheme resolution. (In practice, a person can normally block a scheme with less than a 25% interest given voter turnout at scheme meetings is often substantially lower than 100%.)
Blocking of special resolutions

A person who owns or has voting control over 25% or more of a company’s shares can unilaterally block the approval of a special resolution (see below regarding ‘special resolution’, because it requires approval by at least 75% of the votes cast on the resolution. (In practice, a person can normally block a special resolution with less than a 25% interest given voter turnout at company meetings is often substantially lower than 100%.)