something to bring up your lunch , page-23

ASF - Two holdings of mine where I held out and eventually was compulsorily taken out at a higher price than the bids during the listed phase are CDX and CHQ. CDX was a waste water treater that sold its business and then sat as a shell with cash. So you can see the incentive to take out the pesky holdouts. CHQ was a banana producer that continued on, profitably, with highly irritated owners who eventually ran out of ways to distribute profits to themselves.

As long as you stay public, there are protections for takeovers. Public means more than 20 shareholders.

Even for proprietary companies, shares can only be issued for a lawful purpose and not just to dilute.

So the question is not about the risks of going over 80. The question is what WNI will do from now on with the business. There probably isn't any cash to worry about. Presumably it wants to make money by flicking on the business, as it seems to be incapable of mining and will probably never get rail permission or money for its own line. Nobody will deal with WNI on rail or JV, so analyse how it could make money by a flick on.