Ann: BPT: Beach launches cash bid for Adelaide En, page-23

re: Ann: ADE: BPT: Beach launches cash bid fo... "However it can roll the board and replace it with its own directors.

It only requires a 5% shareholding to do that, change the board and you remove any real opposition to the take over."

For the sake of clarity, (and to minimise the posts telling me I am wrong) the 5% is the statutory amount that allows a shareholder to call a meeting, any votes against the Board would still have to succeed on a majority vote basis.

Given that BPT now own at laest 51 % they would have no difficulty on rolling the board

CB