december vote, page-5

Acamas,

My reading of the shareholder approval clause is that 2 requirements must be met:

[1] Greater than 50% of the number of shareholders who attend the meeting or submit proxies have to approve the proposal.

[2] Those shareholders must hold 75% of the shares voted.

If this is the case then institutions could be rolled by small private investors despite possibly having 75% of the shares voted.