Opinions about ALB Scheme of Arrangement, page-180

great work.
Given the necessary conditions required to PASS/ACCEPT the scheme of arrangement, and looking at the distribution of holding size vs no of holders as disclosed in last Annual Report, the real ‘powerhouse’ for defeating (ie not passing) the SOA lies with the 20k small holders (under 10k holding) who together control about 3% ot LTR. If a publicity campaign can encourage a reasonable proportion of them to vote (& as you allude, are likely to say NO), then at any SOA meeting, less than 50% of shareholders (1HIN = 1 vote’) who cast a vote are likely to support deal, so ALB go out the door with nothing.
Will not matter if big shareholders (including bod / execs) who may well be holding control of 75% of shares vote in favour .... they will be OVERRULED by the huge number of (small -tiny ) holders like me who say NO!

Likewise, because its a SOA, anyone who votes Yes does not automatically get thur shares sold to ALB.
Its a total win/lose vote to ALB..... if they win, they get 100% of everyones shares at the offer price.
No ability of anyone to hold out as a minority shareholder. If ALB lose, they go away with the shares they own now (ie what they have already bought on market), and from significant shareholder notices published, that is probably not a high %age. In fact is ALB currently a ‘significant holder’ (ie over 5%)?