If I own 9,900 shares of a company that has 10,000 shares issued, and 100 other shareholders each have 1 share, then it is both true that 99% of shareholders own a small parcel, and 99% of the sharesoutstanding would be subject to a term like the Alternative Proposal.
The board are looking after who would be effected most by the Alternative Proposal, and that is 82% of the shares outstanding. They don't have a choice to look after the small parcel holders here. Whilst more shareholders would be happy to take the Alternative Proposal, it effects the majority of shares outstanding in a worse offer, so they can't accept it.
Ann: Update on Non-Binding Indicative Proposal, page-22
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