The Corporations Act does not prohibit proponents or their associates (interested parties) who hold target shares or target securities from voting in relation to an acquisition. However, if the vote is to demonstrate approval by the remaining shareholders:
(a) interested parties should fully disclose their interests; and
(b) interested parties should either not vote in favour of the resolution to approve the scheme, or should vote in a separate class.
I would argue that the directors are proponents of the scheme as they have share options which are now in the money and will be exercised on approval of the scheme.
RAP Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held
