Pioneer Upgraded to a Buy, page-45

The same shareholders who are not participating are probably the same one's who complained about Sanlam & the sophs getting a "special deal" and they didn't.

Now that they have the same offer they don't want it.

I would not worry about the options, and share deal, not being passed by the shareholders at the AGM as MOST shareholders will not bother voting, and it will easily pass, because the active shareholders will vote for it to pass.

Lockitt