andres - yes, but if a majority of holders vote NO the scheme fails, even if a majority of shares votes YES.
however, i do agree that the number of holders who will vote NO is minimal.
as an example, I was involved last year (as a CAH shareholder) in the Catalpa (CAH) / Conquest Mining (CQT) scheme of arrangement to create Evolution Mining.
It was the CQT shareholders who had to vote on the scheme of arrangement and the results of the vote were as follows:
% shares for - 99.13% against - 0.87%
% holders for - 94.91% against - 5.09%
Therefore there were obviously a number of small holders who voted NO, but not enough of them to derail the deal.
SDL Price at posting:
34.0¢ Sentiment: None Disclosure: Not Held
