Ann: Half Yearly Report and Accounts, page-2

And here is the nub of the issue holding back NTU, from the 1H:

Foreign Acquisitions and Takeovers Orders

On 3 June 2024, the Federal Treasurer, the Honourable Dr Jim Chalmers MP, made an instrument outlining the requirement for five existing shareholders of the Company to divest a total of ~613.6M fully paid ordinary shares in the Company (approximately 10.4% of the issued capital of the Company) by the end of day on 2 September 2024 (the Instrument).

The Order was made by the Federal Treasurer following the Board’s referral in October 2023 to the Foreign Investment Review Board to consider certain share buying activities of the Company’s shares, in reference to requirements of the Foreign Acquisitions Takeovers Act 1975 (Cth).

The Company notes that as at the date of this report 146.2 million shares remained un-divested as part of this process. The Company notes the enforcement of compliance with the Order is a matter for FIRB.

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146.2m shares @1.9c = $2.8m. Cheap if one's agenda is to stop development. I see other commenters asserting 49% of NTU is held by Chinese interests. Both could be wrong, yet this is a very wide range of unknowns.

I dont accuse Treasury of incompetence, yet they can be criticised for not having a clean legal administrative process to oblige foreign entities to divest when the national interest requires it.

This is not the only Australian asset held by hostile foreigners where a developed divestment chain is sorely needed. Port of Darwin comes to mind.

Unusual circumstances require unusual solutions. If Treasury is tied into knots by the existing body of law, then fresh legislation is needed.

Act. We are about to hold a federal election. immediately after would be a good time to replace or update inadequate legislation.

Ash