Not an unreasonable observation to make, I agree. However,...

Not an unreasonable observation to make, I agree.

However, permit me a hypothetical:

254,285,000 SOI
222,397,000. holders with 100k+ shares
150,407,500 T20 60% of SOI
71,989,500 100k+ holders not in T20 (28% of SOI)

The proponents of the merger need to convince a minimum 3% of holders of pretty good sized parcels of SOI (100k+ shares), who might be less than thrilled with the proposal, and a very good proportion to all of the smaller holders (12% of SOI) to get it across the line.

It may not be as straightforward as you are suggesting for the current proposal to get up.

It will be interesting to see how it plays out.

my 2 cents, ymmv, dyor