Opinions about ALB Scheme of Arrangement, page-262

I think what you say is probably true for those that have a ‘reasonable’ size holding, lets say over 10k shares, and probably monitor the ‘goings on’.
On the other hand, there is this huge number of holders with under 10k shares. Some may be quite small holdings, the holding certs ‘being put in the bottom drawer & forgotten’. The holders quite likely have not been following the LTR goings on, and have little idea of the potential worth of their holding.
These type of holders are not do likely to sell on market NOW in order to cash in at current price.
Every likelihood that many may not have a relationship with a broker ... holdings may even be ‘uncertificated’ ie not on a Chess register.

If / when offer documents appear .... they will suddenly see what they could get, be attracted to the immediate $’s fairly oblivious to what we might consider the longer term worth of LTR is compared to what the SOA offers.

It may well be these small holders who (sadly) may well join the YES vote.
I see as a ‘voting risk’ .... ie potential Yes voters as they are likely to be 100% uninformed apart from the material that will be required to be distributed by LTR..... and which many here, I am sure, will predict that it is likely to push / promote wishes/views of LTR board ..... which may not be in interests of most or even majority of shareholders (by number).
I think those in the ‘No’ camp need to organise some higher profile publicity (eg mainstream media, social media etc) to alert these small & inactive holders to what is going on and they should consider the LTR longterm potential rather than be attracted to ‘pieces of silverplate and glittery baubles’ about to be put on offer by the USA vulture ALB.