Wentronic are not target shareholders. CLT has 243.6m shares and Wentronic own 129.6m so it would only take 25% of (243.6 - 129.6) = 28.5m shares against to reject the woeful offer.
From Allen's legal website-The meeting of target shareholders to vote on the scheme (ie. the scheme meeting) is usually held about 28 days after the despatch of the scheme booklet. For the scheme to be approved by shareholders, it must be approved at meetings of each ‘class’ of shareholders as follows:
- the scheme must be approved by a majority in number of the target shareholders in the relevant class who have cast votes on the resolution (but note that the court has the power to waive this requirement); and
- the scheme must also be approved by 75% or more of the votes cast on the resolution by target shareholders in the relevant class.
If the bidder or its associates hold any target shares, they must usually either refrain from voting or vote in a separate class. The practice is for the bidder and its associates to refrain from voting.
