Two very interesting statements:"IPH has received encouraging...

Two very interesting statements:

"IPH has received encouraging feedback to date from Xenith shareholders (including employeeand ex-vendor shareholders) in relation to the IPH Proposal, including that a number ofemployee shareholders would like the opportunity to receive the IPH Proposal. IPH will seek toengage further with Xenith’s shareholders."

"IPH has offered to Xenith, within its proposal, to hold discussions with Xenith’s employees tooutline IPH’s vision for the combined group and the benefits to Xenith’s stakeholders."

The ex-vendor shareholders have about 40% of the XIP shares. If only 6% were to vote no, this gives IPH the blocking vote. Similarly if any one of the top 3 institutional investors votes no with at least 6%, the QIP and XIP merger will be blocked. Considering the IPH proposal values the XIP higher, there is a better than average chance the institutional investors would look after the interest of their shareholders and accept the more financially attractive proposal.

If less than 80% of XIP shareholders vote, the QIP and XIP merger will be blocked.
From: https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Completed_inquiries/1999-02/complawreview/report/c08
"the average level of proxy voting in the group of 100 major listed companies was 32%. In some cases it was as low as 15-20% of the total available voting shares"