confidence in recap approval appears misplaced, page-47

No wachito, I was being quite literal in my example.

If 4 shareholders turn up and they literally only each own 1 share and so only 4 shares in total get voted and 3 shares are for yes, then the deal goes through.

Your interpreation is different.

So, the point is if 75% of the physical number of votes are yes, then the deal goes in.