75% of those entitled to vote have to vote in the affirmative. The 20% who can't vote are not included. Still could pass
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The 20% who can't vote aren't included in the numbers able to vote on the day. To pass the resolution requires 75% of those actually voting on the day. The numbers of shareholders not voting on the day reduces the base number on which the percentages for and against are calculated. It's quite possible that the 7.6% no votes effectively becomes 12.7% on the day if the total number of votes reflects only 60% of the total available votes; likewise if there are 50% votes cast for that effectively becomes 83.3% on the day - each percentage increasing by 67% due to the smaller number actually voting compared o the total available to be voted. Still could pass.
Correct. That those in favour (the 20%) can't vote helps the NO cause in this one. Of shares cast 75% need to be in the affirmative. The 7.6% No can become even higher due to apathy. Looks like Sharesies voting rate is about 7% so not many of those shares are likely to vote. I have not seen how many they hold. This one could be quite close.
What happens in bigger offer and takeover voted down?
Sounds of desperation and sweating from BOD by the looks. Incompetent bunch..
Shoeshine at NBR says deal is dead and speculates what might next
Possibly no higher offer
They going to tell us proxy position soon
Interesting