Is it even legal for 1 entity to hold more than 20% of a listed company...?
A quick read of the corporations act and it says no. But I'm no lawyer and don't know the full history.
Maybe someone else with the right knowledge should look in to this and see if Geozen's 55% holding is above board.
https://takeovers.gov.au/resources/key-concepts/summary-takeover-provisions#:~:text=20%25%20acquisition%20limit%20and%20key%20concepts,-20%25%20acquisition%20limit&text=Section%20606%20prohibits%20the%20acquisition,20%25%20and%20below%2090%25.
Is it even legal for 1 entity to hold more than 20% of a listed...
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