there we go 100% of zari, page-30

19.9% is the highest level at which somebody can hold a stake in a company without launching a takeover bid (well, okay, 20% minus one share, if you want to get picky.) It does two things: provides a measure of protection against hostile takeovers (as a takeover offer would likely need that cornerstone investor to accept for it to go through); and gives the cornerstone investor an option to launch their own takeover offer from a position of strength (they already have nearly one fifth; therefore, there's less accumulation they need to do before they own the company.)

What it comes down to (from my perspective) is that there are multiple options for the company to move from the JORC to production. I trust the management of the company to weigh up the pros and cons of those options, and act in the best long-term interest of the shareholders in making their decisions - something which can't be said of management of many of PEK's competitors (no, I'm not looking pointedly in ARU's direction, really, I'm not, honest!)

The next two to three months will, I think, be key to the long term road taken by Peak.