Unfortunately, I believe that delisting only requires more than 50% (i.e., an Ordinary Resolution).
I wouldn't be happy if I had a (substantial) position in BYE.
Tempted to buy $500 worth just to piss them off
, but that would only hurt shafted shareholders that decide to stay in.
The only saving grace is that current management have a history (twice) of selling out at market tops.
Will they be able to pull a rabbit out of the hat this time. Let's hope so.
Good luck all.
Security holder approval should take the form of an
ordinary resolution at a general meeting of the holders of the
entity’s ordinary securities.22 All holders of ordinary securities, including those with large or even controlling
security holdings, will generally be permitted to vote on the resolution, except in the following two cases:
where ASX is concerned that the removal may be intended, in part,23 to avoid the application of the Listing
Rules to a particular transaction or situation that would otherwise require the approval of security holders
and that would otherwise attract a voting exclusion statement under Listing Rule 14.10 – in which case,
ASX may impose an equivalent voting exclusion statement on the removal resolution;24 or
where the entity has been the subject of a takeover bid in the preceding 12 months25 and, in ASX’s
opinion, the bidder and its associates have attained effective control of the entity without satisfying the
conditions mentioned in section 2.10 below for ASX to agree to its removal without the approval of security
holders – in which case, ASX will require the removal to be approved by the entity’s security holders and
will also impose a requirement for a voting exclusion statement in relation to any votes cast by the bidder
and its associates on the resolution approving the removal.
This latter requirement is imposed to ensure that a successful bidder can only have the target removed from the
official list without security holder approval within 12 months after the close of the takeover bid if it satisfies the
safeguards mentioned in section 2.10 below for that to occur. Otherwise, it must obtain the approval of the
remaining security holders to the removal. This in turn helps prevent a bidder from unfairly using the threat of an
imminent delisting to coerce security holders into accepting a takeover bid.
