All good points, while I am not a fan of PEO and don't hold any...

All good points, while I am not a fan of PEO and don't hold any shares at present, I just wanted to clear up some of your comments.

The 75% threshold for a scheme of arrangement is 75% of shareholders, not the number of shares. So, the buy back will probably reduce the number of shareholders making the 75% number easier to hit, but the 4 directors won't be able to ram it through. Also, if Crazy Johns and PEO attempt a merger, the conflicted directors (Brendan and Barry) will not be able to vote on the offer as they are directors of Crazy Johns.

In a normal takeover 90% of shares need to be in favour, which with the buyback would probably be the easiest method to use.