“Small shareholders (which are large in number but smaller in total shares owned) have quite a lot of power to defeat the process by not voting at all, so possibly when we come to any vote we and all the family members and friends only vote holdings of say 25,000 or more and fail to enter votes for holdings under 25,000.”
Its great work what you are doing @Tünnes, but what you have suggested about small shareholders not voting or abstaining in order to “maximise” their power of defeating the SOA is incorrect ... you may have midunderstood or mis-interpreted the Australian corporate rules when it comes to voting at SOA meetings.
The required thresholds of over 75% of shares AND over 50% of shareholders (HIN) bring in favor are percentages based on THOSE WHO VOTE (either Yes or No), NOT the total number of shares/ shareholders ( ie those eligble to vote).
A non-vote or abstention counts for nothing and does nothing towards defeating the proposal because all the %ages are based on votes cast.
An abstention / not voting does NOT count as a ‘silent No’ as is the case in some parliament/political jurisdictions where a majority of ALL members or electors (whether the choose to vote or not) may be required to pass something. In this situation an abstention == (silent) No vote.
https://content.allens.com.au/the-allens-handbook-on-takeovers-in-australia/schemes-of-arrangement/
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