I'm not a lawyer, but the relevant legisation is the COMPANIES...

I'm not a lawyer, but the relevant legisation is the COMPANIES (ACQUISITION OF SHARES) ACT 1980

Specifically Section 11

http://www.austlii.edu.au/au/legis/cth/num_act/cosa1980316/s11.html

However, Section 15 allows for

"Acquisition of not more than 3% of voting shares permitted in each 6 months"

So it appears possible for a holding of 20% to increase by 3% every 6 months without triggering a takeover offer.

The legisation also appears to provide some flexibility when a shareholder obtains additional shares via either a rights issue or exercise of options where all shareholders had the right to participate.

So, if the HEGOB options are eventually exercised I believe the Elbozs would be able to increase their % shareholding beyond 20% (if not all of the options are exercised) without a take-over being triggered.

Pike River Coal (PRC) a New Zealand company listed on both the ASX and NZX is holding a Special Meeting of their shareholders shortly to approve their major shareholder being able to potentially exercise options they hold in PRC that may increase their % shareholding higher than their current 30-odd%.

So as with a lot of legisation there appears to be ways around whatever it says!!