confidence in recap approval appears misplaced, page-12

"I think it will be a tough ask to get 75% of BEPPA votes. That's 585,000,000 yes votes required. We also the big volume disappear from the bid at 4c in the BBI's. That may also tell us something."

Melua, that statement is not technically correct. They only need 75% of the votes voted AT THE MEETING for this to go through. This includes any proxies. They do not need 75% of all BEPPA to vote yes, ie 585M yes votes. That is not correct.

So if the major holders vote yes, as well as the hedge funds who have been buying for the past 4-5 weeks (unless they bought in to cut their own throats), as well as the smaller punters who bought in recently who will undoubtedly vote yes to double their money, then it is going to take a very concerted effort for a NO vote to get past 25% of the yes votes AT THE MEETING.

Otherwise it will take a rebellion of the major holders to vote no. If Macquarie/BAM have done their jobs properly they would have negotiated this before actually making the offer. The paying of the accrued and deferred interest is a big hint to me that this has been negotiated already. Also the lack of bleating from the large holders also indicates they are happy.

Having read the Grant Samuels report, I cannot understand why anyone would want to vote no, but then again these are unusual circunstances and people can vote negatively just to prove a point.

It would be helpful to know what the latest top 20 looks like. Can someone in Sydney go down to the register and get a look at it please and tell us what it looks like.