Ann: Intention to Make Takeover Bid, page-156

You can't issue shares in a takeover situation unless it is a rights issue (which would probably help AF if anyone didn't take up their entitlement, as you can bet he'll take his full allocation). However, as you say Teddybear123 you can do pretty much anything with 51% shareholder approval, including during a takeover - including issuing 19.99% to BHP. If it was to BHP, they couldn't vote - so one thing for them to consider if they do start buying. If this did happen - expect it to go through courts. Wyloo would fight tooth and nail to argue this shouldn't be done.

@churbat - nice thinking on BHP buying IGO. I think it would be hard but IGO brings a fair few things:

1) Wyloo are buying to MCR for its ore to be concentrated and put into the nickel sulphate joint venture - Wyloo are only a minority (30%). If BHP buys IGO and kills this as the majority, Wyloo are then left finding another player to sell downstream e.g. Pure Battery Technologies (not sure this will get off the ground without that - Poseidon tried to partner but can't see it going anywhere)
2) Offtake from Nova/Forrestania for the next few years - BHP are at risk of losing these offtakes - this would more than offset any MCR ore. However, short mine lives are a big issue.
3) Odysseus - I'm sure BHP would love this asset in their portfolio.
4) 7% in MCR perhaps helps BHP with MCR's defence
5) Entry into lithium in a top quality asset

Minuses are:

1) Minority joint venture on lithium with the Chinese on the major asset of the company. They could offload to someone else - Pilbara Minerals for example?
2) BHP would struggle to operate smaller assets (as I've said before - this is why they wouldn't buy MCR).
3) BHP are BHP - too slow and missed their chance to lock this ore supply up properly.

Another idea - could BHP team up with IGO? Nice idea but BHP are BHP - too slow (and arrogant to share).