"What’s the chances Allensford gets somewhere between 51% and 80%? If so couldn’t they sack the useless management and commence a turnaround while keeping the minority holdout 20-49% on the register? Might allow holdouts to get some benefits from the franking balance that management has been greedily holding onto all this time?"
Actually, there's a way that Allensford can gain control of the business without requiring 50.1% acceptances, although it will take longer to achieve and is not guaranteed.
All they need to get is over 5% acceptances (which I think is a given under the circumstances), at which level they will be able to call an Extraordinary General Meeting (or a Shareholder Requisitioned Meeting) at which they would be able to present resolutions shareholder votes to remove existing directors, and replace them with new ones.
Given the inept performance of the TRS directors and management, I suspect to roll the board in this manner is not beyond the realms of possibility.
But, as I say, this will be a longer path and will involve share price volatility... commencing on 6 March.
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