today's the australian

But democracy will prevail. ESG's register consists of about 13,000 holders, with the top 20 accounting for about 55 per cent.

The scheme of arrangement requires 75 per cent of voting holders by value and 50 per cent by number.

Given that Santos can't vote its stake, retail holders in theory have the ability to block the deal if the resistance resonates with the grassroots.

At this stage we can't be sure. Investors intending to take up Santos scrip should hold.