For a Scheme of Arrangement to be approved there are 2 conditions that must be satisfied by those voting at the meeting. The takeover party (scheme proponent) is not permitted to vote.
1. At least 75% of shares voted must be in favour
2. At least 50% of SHAREHOLDERS voting must be in favour. 1 HIN counts as 1 Vote.
That is my understanding of the rules from my reading.
https://www.minterellison.com/articles/how-a-scheme-of-arrangement-works
Ann: Nearmap shareholders to vote on Thoma Bravo Transaction, page-18
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