Ann: FY2018 Half Year Results Announcement, page-6

I'm sure they're keen to do that, but with a 10%+ holder outstanding who I assume won't take a lowball offer, I think it will be difficult. This is a good company at a cyclical low, and given the hedge fund owners are in the business of making a strong return over a 3-5 year period, I'm happy to sit and wait alongside them. If they can't get to 90% for compulsory acquisition, I also think it will be a tough sell to the ASX to permit a delisting without an offer at something close to fair value.

The biggest weapon they have at this point is to starve holders of dividends to push the price lower. I suspect it will be hard to drop the payout ratio significantly without being seen to be oppressing minorities, but this is a retailer so I'm sure they'll be extremely conservative on provisioning and writedowns to keep near term profits and dividends low. I'll stick it out and see what happens.