Ann: AGM Presentation, page-8

Proxies are early votes cast by those unable or unlikely to be able to attend the meeting to vote on the day, usually the vast majority (or so I believe).

The proxies and the votes cast at the meeting will be added up and if the majority of votes cast are against the resolution then the resolution fails.

Currently there are 50.73% of the votes cast, via proxy, against the consolidation, so there would need to be a significant number of voters at today's AGM voting in favour for it to actually pass.

Any shareholders that do not vote, by proxy or at the AGM, are not counted. Ie only the percentage of the votes case count.

So if there are 100 shares on issue but votes are only cast by two shareholders, one with 5 shares and one with 6 shares then the shareholder with 6 shares decides the outcome for all 100 shares.