My amateur understanding of the rules is that the CTN...

My amateur understanding of the rules is that the CTN shareholding cannot be transferred to one other unrelated party without all shareholders (of CIE) be offerred the same price, or CIE shareholders agree to the transfer at a meeting.

Anything over 20% of the shares requires a takeover offer from the purchaser (could be partial). Since CTN owns 37%, they will have to split it up (place it) with several parties to avoid the other parties having to make an offer to other shareholders.

Also, CTN has not lodged a substantial shareholder notice to show any variation on the 37% but they will have to when its sold. Anyone who takes over 5% will also have to lodge a substantial shareholder notice.

These are smart guys, I am sure they have the legal angles covered. I wish they were making as much money for me as they are for themselves.