Given the extensive non-voting on AGM's there will be a lot of...

Given the extensive non-voting on AGM's there will be a lot of smaller shareholders that won't vote, and possibly some larger shareholders. I'm not sure how high the non-voting block will be, but it could be in to the 20-40%+ range. If it was 40% that didn't vote, 15% of shareholders voting no would become 25% of the votes cast and would become a blocking stake.

15/100 = 15% (The impossibility of everyone voting)
15/90 = 16.7% (10% not voting)
15/80 = 18.8% (20% not voting)
15/70 = 21.4% (30% not voting)
15/60 = 25.0% (40% not voting)
15/50 = 30.0% (50% not voting)