Ann: Pemba Capital Partners declare best and final offer, page-10

Is this a bit of poker being played out here MicroEquities are now at almost 16%. Pemba says their offer final.
So how does this play out in the legal sphere?
For a Scheme to be approved, my understanding it requires 75% majority of the shares actually voted at the Scheme Meeting to vote in favour of Approval (that is my non- lawyer understanding).
If the majority is not reached, then the Scheme does not proceed.
I think in a Take-over (Law) situation, Micro Equities can decide NOT to accept the offer and can sit there as a minority holder (That is unless the acquirer gains acceptances for 90% or more of ALL shares. In that situation, MicroEquities could 'squeeze' the acquire for a higher price, but only after 6 months after the close of the Takeover.
It would be good if someone with greater legal knowledge than me, especially around Schemes of Arrangement could explain / clarify the possible ways this can play out, both now and in the future.