Hmmm - Takeover in the wind - where there's smoke there's fire, page-9

No reason for excitement on proportional takeovers AB. Those provisions seem to be fairly common but they are rarely used. When they happen they seem to be for tinpot little companies such as TIA. I can't see them adding any value to SPL. Suspect you'd be giving away chances of a substantial takeover premium. A proportional takeover could take the bidder over 20% with no need for a follow on bid. Bidders can hold more than 20% without the need for a full bid with shareholder approval or (I think) if they get there by way of underwriting an issue or taking up their entitlement when others don't. And there are the 3% creep provisions. AZN would need to get FIRB approvals to go past 15% - presumably that wouldn't be a big issue.