Ann: Extension of Voluntary Suspension, page-191

Wow... Where do I start with that.
probably better than your days of searching is to read either the Allen's or Baker Mackenzie takeover handbooks - they're great reads everything is in there.

1. "informed and competitive market" is not just about shareholders - it really means that there was a level playing field across the market before the takeover proposal. The market is bigger than just 4DS shareholders. They're not "shareholder annoucements" they're "market announcements".
2. A "participating insider" is very different to "insider trading", this is where a company has additional information that might not be in the market - and it's perfectly ok, but there are other requirements that need to be met in that situation.
3. Given no one owns 90%, that rule is irrelevant for 4DS. A transaction will likely be a scheme of arrangement (friendly) or a takeover bid (hostile or friendly).

lets say it's a proposal from a "participating insider", and there was not an "informed and competitive market" because there was not technical details out in public prior to receiving the bid from the participating insider.. That would mean, as a shareholder, there is risk of not getting fair value for the company.

These are conditions that most sophisticated shareholders would want to be aware of when voting on the proposal. during the bid process 4DS would get their own valuation done, and the board would provide a recommendation to accept or not accept based on a whole range of factors.

it might not stop a transaction, but it's all about information and knowledge when voting on the proposal.

ASIC would also look at this (and if in dispute so would the review panel) to see if the bid is acceptable simply procedurally (not