On pg18 of the Scheme documentation published in ASX announcements on 5th October 2022 was this morsel:
<< 5.4 Proxy solicitation Notwithstanding any over provision of this document, the RE may develop and implement a program for securityholder engagement and proxy solicitation in support of the Schemes. >>
In other words, instead of ensuring as many shareholders as possible understand the true pros and cons for themselves and vote accordingly, companies may spend more shareholder money on trying to engineer the intended result - even if this means less shareholders voting directly and in their own interests and more handing their votes over to proxies or not voting at all.
I hadn't heard of proxy solicitation before but a Google search was revealing. There are many firms that tout the benefits of paying them to help get resolutions passed. The one below was pretty clear about how it works: https://investor-update.com/proxy-solicitation
CD3 Price at posting:
$1.40 Sentiment: Hold Disclosure: Held
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