Don't think shares on issue is the main concern. If they want a...

Don't think shares on issue is the main concern. If they want a takeover, they go hostile and simply but buy orders in all the way up to what they are willing to pay.  And that would have to be in the hundreds of millions. So if 300 M, that is basically 0.26c    Then everybody sells to them ! 

But it mostly depends on the percentage of stock held by top 20 for example.    And it can depend on conditions in the company charter for example where they can define what the percentage is required before a compulsory acquisition can take place.  If they get 75%, then they can force the say of the remainder an agreed price.

So do the top 20 hold 75%   ?    These are the issues that affect a takeover.   I think it is a bit lower than that with ADO. 

Anyway, a decent generous offer would probably get the job done. 

And anyway, no takeover unless it works.   And we don't know if it does yet !     They need to make a dent in the charge / discharge rates to impress big time. Wettability.  Silicon composites.  All hoping for a breakthrough somehow.   

Companies are interested and willing to have a good hard crack at it. Lets hope they succeed.