TheThe, I'll go one step further.
Consider the Murdoch family controls NewCorp with somewhere around 15% of the shares, the Lowy family controls Westfields with a similar number. The important number here is that it is >10% of shares (prevents takeover via compulsory acquisition), in essence control is by virtue of the largest voting block.
Next, consider that the top executives were to receive 5% of the shares in the APA privatized entity plus bonus payments. It doesn't take much imagination to hypothesize that these bonus payments, or loans from the entity, could have been converted to shares prior the entity was floated via an IPO. Therefore, an extremely small group of executives could have in effect, ending up with control of the shell with only 10.1%, all without having to put one dollar in. This was a management takeover funded by APA to extract the cash for (dying) Allco. Was Geoff Dixon's son-in-law a j* executive (head of HR IIRC) at the time of the bid? Dynastic ambitions perhaps.