Not sure I would interpret the letter in that way (e.g. LLC not voting)
LLC has 43.23% Non-LLC holders have 56.77%
According to the corporations law, 75% is required for the motion to pass.
Therefore, another 32% of total holders vote is required from the non-LLC holders. E.g. 32% of 57% non-LLC votes is required, (which is 56%) and it is still a majority of non-LLC votes. I am pretty sure this is what "requisite majority on the non-Len Lease LLP Securityholders" means in the letter.
Top 20 holders inc LLC control 62.45% of the vote The Top 19 ex LLC control around 19.22%.
Small holders control 37.55%.
If all small holders vote agains, the vote will not pass. Realistically, of course, it will be determined by 19.22% of top 19 non-LLC holders, which are mostly funds. Citicorp-associated entities have 7% so it must hold a fair chunk of the bargaining power.
LLP Price at posting:
30.0¢ Sentiment: None Disclosure: Held
