To consider how a takeover might evolve the top twenty...

To consider how a takeover might evolve the top twenty shareholder list needs to be reviewed to determine who holds what.
Whilst Min Res via several holdings, holds approx 1.7 bn out of some 6.1bn shares on issue.as per recent top twenty dated 15 March 22.
Kennedy holds approx 257.8m shares.
HSBC holds, 206m shares, this is probably 3C.they initially had some 300+m but seems as though they have sold down. 3C is associated with the Gazal group retailer of Gazman clothing. With Covid effect on retail maybe cashed in with price increase?
Others identified as Interested long term shareholders you have
Parrott 66m
Hopkiins 30.8m
Annand 28m
There is also Hutchfield another long term holder with 92.5m shares.
as well there will be a number of others in the next 20 shareholders that would represent another BLOCK.
So even though Min Res holds just under 20% a bid by them would have get the support of the above mentioned blocks, likewise if there was a bid from an unknown .
No matter which way you look at it, at the end of the day it will be up to the collective of the majority of shareholders to accept a bid. not necessarily just Kennedy and say 3C.
I hope the board of NWE have engaged a takeover specialist to advise on T/O defence strategy which will be essential with such a diverse shareholder base.
exciting times ahead.