Good Oil Podcast, page-14

In theory ypu are correct. But now look at the endless examples of what happens in the real world and on the asx over the years.
As it stands, Mark and Mike's shares are essentially worthless. They can't sell. If either wanted to sell the results for the share registry would.be catastrophic. Normal holders would head for the exits. This is part of the problem with being a speccie company.
And the board would not be happy. They can really only start to sell shares once the company 'makes it'. They make their money through high wages and bonuses.

If a takeover were to occur that share money becomes available to the Pivacs, plus some. If bkw were to try to takeover fbr the only people they have to impress is the Pivacs. The usual play is to offer them positions within the company on good wages, and the ability to sell their shares for millions whenever they want.

They would dream of a takeover.