Ann: Red 5 and Silver Lake Resources to Merge, page-279

My understanding:

ORR SVM is a scheme of arrangement, same as RED SLR. It is an agreement between companies.

The 50% requirement is not 50% of shares but 50% of shareholders who vote. Also requires court approval and 75% of shares voted. The 50% rule protects small holders. Companies can't just stitch up a deal by talking to the larger holders. Schemes of arrangement also require court approval.

The 90% rule applies if a company tries to purchase all the shares in a company, by dealing directly with shareholders. In that case you vote with your feet by either agreeing to sell or not. If the would be TO reaches 90% of all shares and 75% of those shares it did not hold at the time of the offer, then compulsory acquisition can clean up the rest. 10% is enough to block that kind of TO.