@Bullish786It's not always straightforward. There is an entire...

@Bullish786

It's not always straightforward. There is an entire ASX guidance note on the topic (link below). Also, I doubt that a takeover bid would be made to our directors without a material position being taken first (I'd assume somewhere between 5-20% of SOI). Given LRS only trades on average around 0.25% of SOI per day, any upcoming takeover bid would (IMO) be pretty easy to spot.

Takeover bids may not need to be disclosed to the market if it's 'non-binding', subject to conditions, unlikely to be supported by the Board or if the takeover bid is simply rumors and the company may not have been formally approached yet.

Here is an example from the guidance note:




https://www.asx.com.au/documents/rules/Guidance_Note_8.pdf