Ann: Target's Statement , page-8

I am Daniel Brady, not Dan Bradley and I sold above their offer price, so I think they didn't get my shares.

They need >90% of shares on issue and 75% of the remaining shares they are making the takeover offer for to do compulsory takeover. Your calculation seems correct. http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s661a.html

So holders with 25% of the non-Glencore shares on issue need to hold out to avoid compulsory takeover. I sold since I had an opportunity so sell above the offer price, and I also have the time-value advantage of not waiting for Glencore to pay me. I see compulsory takeover as likely, so I am out early.