Basically, LT holders, we're done and dusted, page-3

""(They need 75% approval.

I'm not sure what sort of combined holdings CPSA etc have.

I rarely vote in shareholder meetings but I will be voting my holdings against this. They're not substantial, but there aren't that many major holders so if small holders can be convinced to vote then there's a good chance of it failing.)""


This is where most people get it wrong, or they don't really understand how a SoA works.

To begin with, the 75% of the shares voted doesn't rely on the total shares on issue.

The rules of a SoA to succeed states that for it to prevail it requires 50% of the total votes voted with 75% of the total shares voted for the resolution.

That mean that, even if you are a very small holder, with your vote you can still have enough power to keep that magic figure of 50% away from their reach.

To make it simpler, lets say that there are only 1,000 people voting for the resolution, in that they would need 500 people voting in favour of the resolution for it to come to the next stage. You, although been a small shareholders, could be the one which could stop them at 409 and don't get past that. IF THEY DON"T GET PAST THAT, THE ALL THING WILL FAIL. KAPUT!!!!

In the next stage to pass the criteria these 500 people would need to have not less than 75% of the total shares held by these 1,000 people. So, lets assume that these people which bothered to vote hold in total 20,000,000 shares. In order for the second part of the rule to succeed, the previous 500 people which voted for the resolution, would have to hold 75% of those shares. (I.e.15,000,000 shares).

Once both targets have been met, then the next step is for the bidding company to go the Court and seek approval and then, it all becomes "fait accompli".

I hope that this will explain it clear enough for you.

I am not an expert at Law but that is what I have learnt during the years by doing some serious research in this particular SoA's issues. So, please don't take it as Gospel, and DYOR yourself.

As for this part:

""(Where Central would go from there, I'm not sure. Macq would probably try to Nexus us.)""

It could very well be on the card if that fails, but we will never know.

I hope this will help.