Ann: Ramelius Makes Recommended Takeover Offer for Breaker, page-77

Re the cash - it belongs to BRB’s shareholders and until RMS becomes it’s only shareholder, then RMS cannot appropriate that cash for its own purposes nor do deals involving the cash that benefit RMS shareholders to the detriment of any remaining BRB shareholders.

Alan Bond tried that one back in the 90’e when he made a takeover for Bell Group, ended up with about 80% and then proceeded to use the Bell Group cash for his own purposes. Became a very protracted legal case.