Ann: PRN: DDH1 Shareholders Vote in Favour of Scheme of Arrangem., page-8

It's very simple and rational. The reason companies retain earnings rather than pay it out in dividends is they expect to generate a higher rate of return on those funds. It's all that was recommended in the independent advisers report. Some people may have had a personal preference for franked dividends or DDH as a company I suspect the latter was because they don't appreciate the potential for a merged (or unmerged) Perenti. You can lead a horse to water ...

All IMVHO