Ann: Receipt of Non-Binding Indicative Proposal, page-59

The non-binding indicative proposal was for an acquisition by way of scheme of arrangement. This would force everyone to sell if approved by 75% of votes cast and by 50% of shareholders who vote. I understand that Skip and Stonepeak couldn’t vote their existing 19.9%, so to block you would need a 20% stake (I.e. 25% of 80.1%). In practice, you could block with a lower percentage as not all shareholders in a widely held company will participate in the scheme meeting.