They have the voting rights for just under 90%, which is...

They have the voting rights for just under 90%, which is critical as they don't have to make a full compulsory offer for the rest of the shares.

They may try and accumulate a few more to hit the 90% and then make a full offer or they may decide to sit where they are and use the company as a vehicle for buying up other Australian resource companies. With an Australian listing it may make it easier getting through some of the red tape for M & A deals.

For holders the second option is not a good one as expect NGF to be loaded up with debt and hedging deals in order to ensure that all the profitability heads back to China and not to NGF. This is what they are doing with GDO and I would expect the same here.