It could only succeed if they get more than 50% of the votes....

It could only succeed if they get more than 50% of the votes. According to the TOV announcement they only have 29%?

So again, why has this become such a big event that management are spending time drafting a defense/writing letters? There is 70% of the vote out there that would vote according to whether they think management are doing a good job or not.

Call me a cynic - but this just seems management are sandbagging themselves, so they can keep paying themselves above market salaries.

If they weren't worried, just put it to a vote! Also, the the board would know whether the majority of shareholders support them or not.

Also, I think we're f**ked now for a while...... Because if this mob lose there is apparently 29% of the registry that needs to be recycled (as they'll most likely lick their wounds and move on). And Management have a wonderful track record of handling large sell downs. Remember how we got to such a low price.... Large shareholders selling.