Meanwhile, something which hasn't been discussed yet which...

Meanwhile, something which hasn't been discussed yet which arguably could be even more important than Mr Billis possibly having more than 50% voting share is: how much of TBR does Mr Billis and his wife and family have a beneficial interest in (layman's terms, "own")?

I've always assumed it's been about a percent or so, with the shares held by himself (0.03%), Nimby (0.3%), Lake Grace (0.37%) and Northwest Capital (0.07%) under some form of beneficial ownership like a super fund or whatever. But the Takeovers Panel Declaration makes it clear that SGL holds Sierra Gold's TBR shares as bare trustee for Mr Billis, and his wife owns all the share capital of SGL (16.04%). About half of the Trans Global shareholding (4,454,000 TBR shares, or 8.9% of TBR) is held by Trans Global as bare trustee for Mr Billis, and the other half by a relative of his wife; and his wife is the sole shareholder of all Trans Global share capital. The Takeovers Panel Declaration doesn't say who the owners of Resource Capital are; but as it stands they don't own any TBR shares, just the option to acquire 8million of them from Rand (~16%).

So from the above, at least 16.04%+8.9%+0.03% = 24.97%, which is greater than 20%, which is likely why:



Of course all of this assumes the information in the Takeovers Panel Declaration is correct, so caveat lector.