Ann: Receipt of Non-Binding Indicative Proposal, page-58

lots of ifs once you get above 75%... they could apply to delist as long as the ASX is satisfied they have effective control... and really - who would want to be a minority holder in a non-listed company???

makes your capital potentially a lot harder to liquidate and information disclosure requirements could be drastically less.

On the positive... they are only at 20% - and cannot get higher anytime soon without a scheme or takeover offer...