75% is the level at which a scheme of arrangement can be...

75% is the level at which a scheme of arrangement can be attempted. But it requires Court approval. Even though the "independent expert" says it is fair and reasonable, you can still employ your own expert (share the cost: almost nil if enough of you join in). Surely he would start with WNI's own valuation! I have a feeling that 80% might be 75% minus some fraud acceptances that even ASIC could come up with (ie 5% up their sleeve). I doubt the Court would approve a scheme at the moment.