"Achieving that level of voter turnout, and all voting against...

"Achieving that level of voter turnout, and all voting against GR I feel is very unlikey. So, I agree, GR's 20% is effectively a blocking stake".

Effectively a blocking stake? Wrong!

GINA IS HOLDING A DOUBLE EDGED SWORD
if her intention is to make a low ball offer.
(we will immediately reject any low ball offer anyway)

Gina is effectively blocking herself by holding 18%-19.99%, whatever it is now. Because of her stake she can't make a low ball offer because others will make a counter offer and she would lose her blocking stake advantage.

Yes, it is highly possible that over 80% of the votes (excluding Gina's 20%) would be used in favour of a voting for a scheme of arrangement takeover offer.

Why do you think people won't vote for a very good offer? All LTR holders are in very close chase what happens in the company.

I'll give you the real life example. No assumption please.

Read this page; Very similar situation and the scheme approved by 77.19%

"Pre-bid stakes – A double edged sword?"

"The risks associated with using a pre-bid stake in a scheme context were demonstrated in the Amcom scheme.

Vocus had acquired a 10% interest in Amcom in late October 2014 and announced its intention to acquire the remaining shares.

Following this announcement, TPG announced it had acquired a 5.4% interest in Amcom.

One month after the scheme booklet was despatched to shareholders, TPG announced that it had increased its shareholding to 19.99%, and that it intended to vote against the scheme (but did not intend to make an acquisition proposal for Amcom).

In an effort to mitigate the effect of TPG's objection, Vocus sold its 10% shareholding on-market – given the otherwise strong support for the scheme, Vocus would have assumed that purchasers of the shares would be shareholders who wanted to vote in favour.

In the end, following a novel and aggressive social media campaign by Vocus,there was a high voter turn out to the scheme meeting which helped in having the scheme narrowly approved by 77.19% – one of the closest scheme contests in the past few years.

If Vocus had retained its 10% stake, taking it out of the voting pool, it is highly likely that TPG's blocking stake would have instead won the day".

This is a fact now.

I can assure you that we would do a novel and aggressive social media campaign if anything happens.

We would be on the media and everywhere.