Ann: Pause in Trading, page-28

Just to make sure I understand correctly, under a scheme of investment, to be approved, a resolution in favour must be passed at meetings of each class of target shareholders by both:

- 75% of the votes cast on the resolution
- More than 50% in number of the target shareholders voting on the resolution (in person or by proxy)

If the bidder and associates are not allowed to vote and Stonepeak and Skip own about 31% together and retail investor about 39%:

0.39/(1-0.31) gives about 56% of the voting power to retail holders and the approval threshold is at 75%, so that'd give a lot of leeway to retail investors to reject the offer if it's too low.

Is that correct or am I missing something ?