I certainly am NOT an expert on the ASX listing rules however I...

I certainly am NOT an expert on the ASX listing rules however I suspect that the sale of Heemskirk comes under Chapter 10 (Transactions with persons in a position of influence) and Chapter 11 (Significant transactions).

I understand that there is an asset threshold of 5 per cent above which shareholder approval is required. HC posters may wish to ponder over the following:

Market Cap (was) $28M Heemskirk $0.8M = 2.9 per cent
Market Cap (now) $20M Heemskirk $0.8M = 4.0 per cent
Market Cap (now) $20M Heemskirk $1.0M = 5.0 per cent
Market Cap (now) $20M Heemskirk $2.0M = 10.0 per cent
Market Cap (now) $20M Heemskirk $5.0M = 25.0 per cent
Market Cap (now) $20M Heemskirk $7.5M = 37.5 per cent

Maybe the ASX will decide that both Adobha and Heemskirk should be lumped together to determine their combined per cent of total assets?

Given the common directorship between GIP and Adobha, perhaps a related parties issue will arise and preclude these common parties or their associated companies from voting on the matter. I imagine the IPO underwriter (and associates) would also be unable to vote on the matter.

As mentioned at outset, I am NOT a Chapter 10/11 expert however hopefully someone out there can shed light on the matter.

DYOR