A2 votes yes to Bright Loan, page-39

Well, personally, I never had any doubts in the result of this vote. I think A2M management aren't that stupid and probably realised that they wouldn't have enough support if decided to vote no. So, there was no point pissing against the wind. Plus, this event had binary outcome, either Synalit goes broke and would require lots of effort from A2M (to either gain control or negotiate with new owner) or granted some extra time to resolve its debt issues, which is what we have now. Capital raising on another hand seems as more interesting event. There is quite a good possibility that a big number of shareholders won't participate and in that case by not participating A2M might force Bright into a position where they will be required to get shareholders approval to increase its holding to over 50%. If they won't be able to get such approval (here chances for A2M to find support are much higher) Bright might initiate full takeover which also would require shareholders approval. I think A2M would have better chances to extract some concessions at that stage. And I suspect that is what A2M was trying to hint in todays statement.
Also, one should not forget what are the A2M's intentions here. A2M wants secure products supply and flexibility preferably with minimal cost. If they can achieve this without spending a billion dollars on buying another factory it would be much better outcome. All they need from this saga is removal of exclusivity clause from the contract. I really doubt buying out Synlait in any form is their top priority. But they might as a last resort and this is why they are keeping all the money for now. Once it's over we most likely to see some capital allocation initiatives. So, it's better for everyone if they don't spend all money on Synlait takeover.