Ann: TMT Investor Presentation December 2023 - Scheme Webinar, page-104

Of course they can, Standard Pastoral Company is a substantial shareholder, so unlike non-substantial shareholders is governed by the Takeovers Rules during the merger period when they chose to declare their intention early to vote No. An increased offer clearly resets all voting intentions both yes and no, although it would be nonsensical for a yes voter to change their vote upon receiving an improved offer.