confidence in recap approval appears misplaced, page-42

This is deja vu all over again with the voting on the resolutions at the BEPPA meeting. I am losing track of the number of times I have had to re-explain to people as to how the voting at these meetings work. I apologise to anyone who is getting sick of these posts. So again.............


For the BEPPA proposals to be passed at the BEPPA meeting, there needs to be 75% approval of the votes VOTED AT THE MEETING (including proxies).

This does not mean 75% of the total amount of BEPPA's on issue. It means 75% of the votes AT THE MEETING.

If 4 people turn up, each owning 1 pref share each, and 3 of them vote yes, then the resolutions are passed.

Proxies holders can send in their proxies and direct the proxy holder in attendance (or the Chairman) to vote as they indicate on their proxy form, or in some instances allow the Chairman to vote at his discretion (although I would not recommend this).

The Chairman CANNOT vote any proxies any other way other than the direction he has been given. If you send your proxy in and ask the Chairman to vote yes, then he has to vote yes, and vice versa for no votes as well.

I am sorry but I am going to have to ask the moderators to act if anyone else says they need 75% approval of the total amount of BEPPA on issue. It is clearly misleading and factually incorrect to say this.