Delta has 716,541,792 shares on issue. From a February presentation, 57.9% of shares were sitting in the hands of 4 major shareholders and Borad/management. If this block all voted in favour, you would get 415 million shares voting for the proposal.
The "For" vote was stronger than that at 470m so another 55m shares voted for the proposal. Only those counting the votes know who else voted. Even if as a shareholder you disagreed with the proposal, there was no chance of an Against vote winning unless at least one if not two of the major shareholders told Delta they were happy and then voted against the deal. I suspect many recognised this and didn't bother trying to vote. Additionally some have voted by selling their shares which is contributing to the low share price.
If this was a fantastic deal, why is the share price lower than when announced?
DLI Price at posting:
15.8¢ Sentiment: Hold Disclosure: Held
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