In a nutshell, all security holders are entitled to participate...

In a nutshell, all security holders are entitled to participate in the spp, but a vote is required for the approval of options under the spp..

Ordinarily under the asx rules, those who vote and may receive a benefit if they vote “for” and the resolution passes are disregarded (or they abstain from voting)..

But in this case, as it’s all security holders who are eligible to participate (and therefore all security holders who participate stand to receive a benefit on passing the resolution) you apply the standard rules to the votes of all security holders, you’ll get no votes.. that’s the reason for the waiver..