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You are right, the turn out was very low. Remember some present...

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13 Posts.

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05/09/19

16:58

Post #: 40327387
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Originally posted by JB1975: ↑

"i bailed 2 weeks ago after 5 years in KDR - couldn't handle the agenda driven by OUR BOD "

Looking at the vote tallies I reckon most retail holders did that rickii.

Only 740 shareholders voted on the scheme (either for or against -the vast majority online by the looks (plus 10 abstainers) only about 70 voting shareholders appear to have been in the room - does that fit with your observation @Quip ? - I'm getting that number from the difference between "number of votes cast on the poll" and "validly appointed proxies at proxy close".

Seems like 2 voters in the room voted no and about 62 voted yes to the scheme.

Those shareholders (that voted at all) represented only 224-225 million shares. I thought KDR had a lot more shares on issue than that (over 400 million - Alpine announcement put 20.8million shares at about 5.2% of the total recently) and a lot more shareholders (especially small shareholders from the most recent annual report).

It doesn't surprise me that a lot of small shareholders got out - and quite likely some of their shares went to UBS and Alpine. (But with so many shares that didn't vote its not obvious how UBS and Alpine voted or if they did either).

But I'm surprised that the number of shares that voted at all 224 million odd was such a small part of the 400 million plus that might have.

Looks like only about 55% (very roughly 224.5m / 404m ) of shares that could have voted did.

Or maybe I'm making a mistake in my calcs somewhere.

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You are right, the turn out was very low. Remember some present held proxies for a few holders so multiple votes and some had prevoted including me. I went to hear but things were very subdued and scripted to comply with court requirements. Total voter turnout I guess is about 50% as you suggest.

KDR Price at posting: $1.90 Sentiment: Hold Disclosure: Held
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0 Great analysis

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