Ann: Notice of Change of Interests of Substantial Holder, page-2

TGV Langfrist and the University of Notre Dame du Lac now together own 24.81% in AYS, 548,669 shares short of a 25% stake which would have the following consequences if the two were to concert:

>25% Blocking of scheme of arrangement
A person who owns or has voting control over 25% or more of a company’s shares can unilaterallyblock the approval of a takeover conducted by a scheme of arrangement, because one of the schemevoting thresholds is approval by at least 75% of the votes cast on the scheme resolution. (In practice,a person can normally block a scheme with less than a 25% interest given voter turnout at schememeetings is often substantially lower than 100%.)

Blocking of special resolutions
A person who owns or has voting control over 25% or more of a company’s shares can unilaterallyblock the approval of a special resolution (see below regarding ‘special resolution’), because it requiresapproval by at least 75% of the votes cast on the resolution. (In practice, a person can normally blocka special resolution with less than a 25% interest given voter turnout at company meetings is oftensubstantially lower than 100%.)

source: https://www.allens.com.au/pubs/pdf/ma/takeovers-handbook.pdf