AVZ Top 20, page-893

This booklet may be of assistance to you. Also any combination of shareholders holding 10% or more is a blocking stake for any TO offer. Not to mention getting past the FIRB for any such matter will be clearly impossible in the current climate and with the recent focus on critical metals. Maybe a US group or one based in another jurisdiction that are allies of Australia’s might have a chance to secure FIRB support.

In any event, an undesirable TO offer would have little chance of reaching 90% support.

https://www.allens.com.au/globalassets/pdfs/sectors-services/ma/takeovers-handbook.pdf

Cheers BJ