A controlling entity under the corporations act is control by shares, having the capacity to cast, or control the casting of, more than one half of the maximum number of votes that might be cast at a general meeting.
Under PB's own admission, GW, was a minority shareholder so I wouldn't expect his holding would be enough to be considered a controlling stake.
I don't think the waiver applies in this case.
A controlling entity under the corporations act is control by...
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