Looking at the last annual report it looks like management /...

Looking at the last annual report it looks like management / directors are slowly being diluted due to the new issues so won't hold the normal 10%+ to stop a takeover.

However you never know in the event of a takeover maybe the kiwi's will block vote it down with our combined 10%
-:)

I wouldn't orry too much about a takeover at this stage - I would see NEN selling down a portion to OXY as the best path for OXY to get a stake with a protracted takeover bid and then ending up with additional assets in Vietnam etc.