Ann: Substantial holding disclosure, page-14

very excellent summary.
Sounds like BRL did not know that this happened at the time.
Probably was discussed at a BT mining directors meeting well after the fact given todays ann.
@rsah I am fairly sure I read in the court documents that L and M were entitled to 5% . Now this would not stop a compulsory hostile takeover.
However the takeover code says if an entity has accumulated over 90% of a company they can force the sale of the final 10%.
That's why it is glaringly obvious the 11% stake taken by Talleys is done so to block BRL getting in the hands of someone else.

Great strategic play from Talleys.....