I believe you're correct. The head count hurdle has to be passed...

I believe you're correct. The head count hurdle has to be passed first. But if the head count hurdle is passed then the actual number of votes matters. But even if the proposal is voted down on the head count, there's still the potential matter of an EGM, and a resolution to spill the board. It would be useful for everybody to understand what weight we carry.

Incidentally, the 50% head count requirement refers to the number of shareholders "present and voting". So if four holders vote then only two have to vote yes to pass the head count requirement:
From the announcement:


The Corporations Act referred to is here:
http://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s411.html