My guess for what it is worth.
Fmg took 19.8% stake to stop Res Min scheme of arrangement (which would need partners holding 25% to block).
Did that to stop MinRes bring more IO to market quickly.
So would FMG sell down 3% on market and put it in a situation where it's interests where vulnerable?
Thus allow Hancock to bring more IO on market quickly?
Imo , no.
So my guess is the estimate they might have is that the 11% kept was enough to block any scheme of arrangement Hancock might try with current BOD.
So parties with similar interests or taking a position to keep Atlas listed must have at list 15% thus providing protection against any scheme of arrangement.
Me guesses!
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My guess for what it is worth. Fmg took 19.8% stake to stop Res...
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