The folks at Simmonds Stewart have written about the recent change to the Takeovers Code, which mean that companies now have to have 50 or more shareholders AND have over $30mil in assets or $15mil in revenue to become a code company. There are still reasons to minimise the number of shareholders on the cap table, although many companies can mitigate those reasons using modern digital tools to manage shareholders.

Read more here: https://simmondsstewart.com/blogs/takeovers-code-updated-to-exclude-small-unlisted-companies/