The Singapore enterprise is using the 'shareholder creep' exemptions in the Corporations Act to sneak up to majority ownership without paying a takeover premium.
The have obviously already succeeded by getting one of their people on the board and getting the independents to leave...
As of 21 November 2011, they crept up to almost 23% of shares.....from memory, they are allowed to sneak 3% every six months.
As for Orbis, they had about 19% as of August 2011....Maple Brown owns about 10%
On the face of it, while there is no 'honest' cornerstone investor, neither Orbis nor Maple will let this get taken over for cheap....Singapore looks like they will try to outlast everybody..
TGR Price at posting:
$1.35 Sentiment: None Disclosure: Held
