“@dynofish:
PART A
Of our 30,000 shareholders = 30,000 HINs, over 50% by number must submit a voting form.That means in practical terms a minimum of 15,001 shareholders must participate in the vote for it to be a valid process.”
On re- reading your post, I see the mis-interpretation originates from @dynofish.
There is NO requirement in Aust law for over 50% of shareholders to submit a vote. Whatever is legally required for a quorum at a Company meeting.... min of 2 shareholders unless company rules state otherwise!
(In Australia, the Corporations Act 2001 sets out the requirements for a quorum at company meetings. The Act specifies that a quorum for a general meeting of a company is two members or, if the company has a single member, that member.)
So for a very simple and contrived exa mple
Say ONLY 3 SHAREHOLDERS or their proxies attended, 2 voted YES and ALSO over 75% of shares voted by those shareholders were YES. (Note a shareholder does NOT have to vote all their shares in same way ... they can nominate how many Yes, how many No fair and how many abstain).
The meeting would be valid and the deal would be done.
(In reality, there may be other issues as a Supreme Court also has to approve, and they will be seeking to determine that the meeting was ‘properly held’ and represented the views of shareholders according to company law. In this example, I feel sure the Court would find that a meeting of 3 LTR shareholders, unless say they held 80% of votes was NOT a fair representation of shareholders.
I appreciate that English is not your first language, so I hope this makes matters a bit clearer.
greetings to you in DeutschlandMy wife came from there too.
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