If you can't beat them join them, page-8

In my understanding, there is a powerful reason a shareholder with say 22% would not join the Board of a Company is that if the Board decided that it would offer all minor shareholders say 10c per share to acquire all shares in that Company, but the 22% shareholder believed the shares are worth say $1.00 each, that 22% shareholder would be required to sell all their shares at 10c each.
Remember all the former Board members sold their shares to TIO (NZ) Limited for 2.5 cents.