One other observation - the documents set out how the BAM's...

One other observation - the documents set out how the BAM's scheme arrangement will morph into a takeover offer if the scheme is voted down. That allows them to increase their existing PIH holding, which they would not normally be allowed to do in the ordinary course of things. Why would they have documented it that way if they were so confident they had the scheme votes in the bag? I think this will play out in order as follows -
1.The scheme voted down,
2. A portion of PIH shareholders then sell into BAM's bid, and BAM finish up with maybe 60-70% of shares.
3. The remaining PIH shareholders (of which I will be one) continue to have their stock trade on ASX, earning a nice dividend yield... happy long term holders.
4.Eventually, one day, BAM will come back with a mop-up offer at close to net asset value.

My wife has now bought a small parcel of PIH shares, so thats two "no" votes from our household. As its 50% of those actually bothering to vote that need to support it, and most shareholders won't bother, every "no" vote counts.