RE:RE:RE:What happens if...I think some of the answers you seek can be found in this summary of take over bids:
google search "takeover bid" and download the second result from Torys.
This is very complicated with alot of if/thens depending on the circumstances. The VENS could make this messy and drawn out. They will have to work with Alpha or either one can buy more shares to get over the 20% threshold and would then be required to make a takeover offer. It could be hostile without the BOD of consent but the PRE board is open to bids so this is unlikely.