A +10% stake doesn't stop a takeover, it only stops a compulsory...

A +10% stake doesn't stop a takeover, it only stops a compulsory acquisition if such a party gets to 90.01%.  A group could easily get control of TNG similar to the Chinese a number of years ago.  One board member away from controlling the company.

Such a stake would discourage a group instigating a takeover because then they would have to offer a premium to a holder with the remaining 10% stake.  Similar to Solomon Lew and the South African Woolworths 12 or so months ago.

On the other side, that 10% held by the Brown's might get diluted sooner rather than later is TNG keep issuing shares at these low prices.  It is clear they aren't wanting to commit any further funds to TNG given they haven't participated in the last 2 placements.

It deserves the question, what's to stop a group potentially looking to acquire TNG cutting a deal with the Brown's and Chinese at a premium, tripping over the 19.9% and instigating a takeover for the rest of the shares.  Given the extended timeline of this project and the longer it goes the riskier it gets, I'd happily sell my shares at $0.50 to guarantee profits on 100m odd shares.  $50m is better than nothing if finance isn't achieved and would have to be consider by the major shareholder.

Mr Burton would have a win too considering such an event would release him of his $500k obligation to payout loan funded shares issued in Nov-2012.  That's a nice kicker.

http://www.asx.com.au/asxpdf/20141017/pdf/42szmjrqchdcvy.pdf