I don't recall seeing a situation like this before either, but I...

I don't recall seeing a situation like this before either, but I figure if Dundee's shareholding is excluded from the vote then the intent of the legislation will be satisfied and it will be allowed to proceed.

The obvious message from Dundee is that the offer is not good enough and I think a lot of other shareholders will agree and vote no unless the offer is sweetened. If I recall correctly, Dundee's entry price was around 44 cents (5.5 cents pre consolidation), so that should be a minimum.