VOTE AGAINST SALE AT BOTTOM OF CYCLE, page-99

You are probably confusing yourself with a scheme of arrangement vote which is basically a vote on a takeover which requires 75% of the votes cast on the resolution; and more than 50% in number of the target shareholders voting on the resolution.

a disposal of asset resolution like this one requires 50% of the votes cast on the resolution (noting that SRK and management hold 30%+ of shares).

a caution on trying to be smart and wanting to stop the sale in the vote without a backstop - you will end up with a company with endless dilution like agy, lke and now gln. Yes the sale price is crap, but the share price goes <20c if it gets voted down.

Your effects are better spent on
- trying to find a white knight at the corporate level who will launch a hostile takeover (and who will aim for 50% of the shares at first)
- trying to persuade the board to hand back cash or wind up the company after the sale and axion ipo is complete. To put a resolution at a meeting, you first of all need 100 shareholders or 5% of shares to sign off on it, and then it gets voted which requires 50% of the votes cast

SRK's 30% stake is still a problem but not insurmountable