Thanks. Yeah, I'm aware of that. I thought you were suggesting a third as many "no" votes as the original combined PPT & AF holdings. I now understand what you were getting at.
As mentioned in my earlier postscript, I now see that PPT is sub-5%, which might change things -- esp. wrt to PPT's influence.
The required 75% of acceptances only needs to be 75% of the votes cast on the day (i.e. of those who show up to vote, not total SOI). The participation rate is unlikely to be anywhere near 100%. Those who do participate in voting invariably end up punching above their weight for either camp. This behavioural dynamic tends to favour those with larger holdings who are more likely to take an interest and show up to vote, which I'm sure you're well-aware of.
Assuming the extra 51c is enough to satisfy the IE, I think it's probably a "yes" lock at this juncture. Unfortunately the IER is only designed to address the fairness and reasonableness of the bid today (right now), with little-to-no weight given to future prospects, including the future direction of the broader investment thematic and how that might impact on the future value of the company. My professional training fully appreciates and understands why, but it won't help those SHs who aren't natural willing sellers today. That's what the vote is for.
