That is the way I was looking at it too. The 50% by total no of...

That is the way I was looking at it too. The 50% by total no of shareholders shouldn't be a problem. The sticking point is the 75%.

Even if Thorney up their stake to 20%, this means you will need 60% of total shares on issue voted in support of the deal. Basically you need to try to get 75% of the remaining 80% of shares to vote for you. This isn't impossible. It just requires management to delay the vote and get on the phones to shareholders and ask them to vote.

I'm very keen to see substantial notices today/tomorrow because they could be kingmakers. If its an arb fund on the books, it bodes well for the deal going through.