You can't work on maths, You have to work on the basis that very few of the shareholders actually understand this is a bad deal (most don't read Hot Copper). They get the letter in the mail from AIC saying it's 'unconditional' and then just 'accept'. This is the tactic that AIC is relying on. They would also probably have rung every major shareholder and know exactly who is on board and who isn't.
