Which kind of make sense since the 50% head count can be...

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AlCp

26,372 Posts.

1715

25/08/22

15:37

Post #: 63323023
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Originally posted by MonteT ↑

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

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Which kind of make sense since the 50% head count can be "manipulated". At the end of the day the more share you hold the more voting power you should have in a public listed company so the 75% of the O/S is important number and the big holders will vote YES, this could explain the big accumulation with LT selling their shares.

Last edited by AlCp: 25/08/22

RAP Price at posting: 19.0¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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