What document must be sent to shareholders for a reverse takeover?

In the context of a reverse takeover, a shareholder circular is the essential document that must be sent to shareholders. This document provides critical information about the transaction, including details regarding the nature of the reverse takeover, implications for shareholders, and any other pertinent disclosures that shareholders need to be aware of before making decisions related to the transaction.

The shareholder circular serves to ensure that all stakeholders have access to a comprehensive view of the deal's impact on the company and their investments. It typically includes information such as the rationale behind the takeover, the terms of the deal, and the expected outcomes. This transparency is vital for maintaining trust and compliance with regulatory requirements.

While other documents like an annual report, risk assessment, or financial statements may contain relevant information about the company’s performance or risks involved, they do not specifically address the immediate concerns and details surrounding a reverse takeover. Thus, the shareholder circular is the most appropriate and necessary document in this scenario.