Poor showing, page-9

You are half right when you say there are no takeover rules applying to UNV, while it isnt covered by the takeover rules applying in Australia or for that matter takeover laws in the UK,it is covered by Part 7.9 Division 5A of the corporations act,

this clause gives shareholders express statutory rights in the event of an unsolicited takeover offer.
Indeed this clause was used by Universal in its takeover defense by Ichor in 2015.

Anybody who has owned Universal long enough knows that Ichor is controlled by Sapinda, thats not a secret, its also not a secret that Ichors finances are troubled, indeed they have trouble even producing accounts on time.
But circling back to your original point about a large shareholder drip feeding stock onto the market, if they control over 5% of the company they must declare any movement , buy or sell that they do, this is covered in the ASX listing laws, UNV being listed on the ASX have to comply with these rules.
Ichors financial position is of no concern to UNV unless they dump stock on the market, to date they have not done that