i can understand how board members will vote against the...

i can understand how board members will vote against the proposal, i.e. to keep control of more shareholders funds in order to make themselves and their jobs feel more important and waste the funds on their own salaries probably.

now as for any other shareholder?, who in their right mind would give up a MINIMUM of 90c per share, plus further upside when the remainder of the company continues to trade with a remaining NTA of another 35c and vulnerable to a takeover at even higher prices

WHEN .......

the shares are now trading at approximately 84c, and were trading at closer to 70c before the capital return proposal gained momentum. and back the same management to try and restore shareholders worth, the same management that raised a lot of this capital through shareplacements when the company was trading DOLLARS above where it is now. and they think they are management gurus because they survived the tech wreck with some cash they got at the expense of shareholders., and use this cash to finally generate a measely profit all because of the interest earned on the cash.
i guess the answer is no one other than the board would vote against this proposal and therefore the proposal should succeed as the board do not have the necessary voting power on their own.