You are correct. A reverse takeover is usually the takeover of a publicly listed company by a private company. That usually allows the private company from bypassing the ASX's complex and stringent requirements. This is for example what Blockchain Global, who was refused listing by the ASX, is doing with Digital X (DCC) and potentially First Growth Funds (FGF) in Australia and BTCS in the USA.
In a normal takeover, the acquiring company appoints one or more of its directors/executives to the board or management of the acquired company. When Galicia acquired TV2U, the acquisition document stated "TV2U is a private Australian entity incorporated in June 2015." TV2U was not listed on the ASX. Remember that Galicia started discussions with TV2U a year earlier, well before TV2U incorporated in Australia, and announced its takeover intention to the ASX on 3 June 2014.
In a reverse takeover, the acquired company effectively takes over the board and eventually the management of the acquiring company, which is what happened when Nick became the Chairman, Chief Executive Officer and Managing Director of the acquiring company. He is also referred to as Founder, which is true for TV2U's initial manifestation in the UK (prior to 2015) but technically not true of Galicia, the acquiring company. Also, the TV2U website states "Nick listed the company onto the ASX in 2016" which is also inaccurate because Galicia acquired TV2U in November 2015 and renamed itself TV2U, so by definition TV2U was already listed. Therefore, for all intent and purposes, this is technically a reverse takeover.
