Firstly, a shareholder cannot acquire more than 20% of a company...

Firstly, a shareholder cannot acquire more than 20% of a company without triggering a takeover:

https://content.allens.com.au/the-allens-handbook-on-takeovers-in-australia/the-20-rule/

Secondly, the PFS delay is no major surprise to me. I previously speculated that it may land early, however I made the radical move of asking the company and was told that it being announced in June was tight (a couple of months ago). I am actually delighted that RXL are exploring multiple processing options. I also believe that based on my understanding of the RXL/Hawkes Point relationship, Hawkes Point are keeping RXL honest.