end of the road: offer is final, page-10

Though, its not mandatory for Shanxi to extend the offer as they have control. Looking at the issue of performance rights shares, former executives and current executives get the new shares.

Looking at all the current and former directors and executives are likely to accept the offer, this will bring Shanxi's interests to 68.8% after dilution. So the actual number maybe around 70%, also you have the instos like HSBC, JPMorgan, National Nominees, Citicorp, Intersuisse, RBC, and UBS. You can check the shareholding they collectively hold in IVA in the latest annual report, so work out whether Shanxi will likely get over the 90% mark or not.