30 million incentive shares

Does anyone know who holds the 30 million incentive shares? Just checking the last annual report; it seems that takeover acceptances only have to reach 50% for the incentive shares to vest. If the 50% level is reached, but the 90% is not, Paladin's own stake will be diluted by around 5%, an outcome PDN would surely like to avoid. Does this mean they are assuming the takeover is a done deal? Or could a well organised rebuttal hold out for a higher price, assuming that PDN would prefer to pay a higher price than risk the dilution to their shares?