Did you ever read the scheme. The court has its discretion to approve the scheme
3 Requisite majority 3.1 In order for the Scheme to become Effective, the second resolution set out in the Notice of Adjourned Scheme Meeting must be passed at a meeting by:
(a) unless the Court orders otherwise, a majority of the number of ResApp Shareholders present and voting (whether in person or by proxy, attorney or, in the case of corporate shareholders, a corporate representative) at the meeting; and
(b) at least 75% of the votes cast on the resolution.
3.2 The Court has the discretion under section 411(4)(a)(ii)(A) of the Corporations Act to approve the Scheme if it is approved by at least 75% of the votes cast on the Scheme Resolution but not by a majority in number of ResApp Shareholders (other than excluded shareholders) present and voting at the Adjourned Scheme Meeting. 3.3 Voting at the Adjourned Scheme Meeting will be by poll rather than by a show of hands
RAP Price at posting:
19.0¢ Sentiment: Hold Disclosure: Held
