Under a scheme of arrangement takeover there are two voting thresholds that BOTH need to be overcome.
One requires that there must be 75% of votes in favour by number of shares held. That will definitely be passed in accordance with the wishes of larger shareholders.
The other is the headcount test which requires that there must be 50% in favour by number of shareholders who vote. If, say, only 51 shareholders vote then under the headcount if 26 are against then the motion would be lost. With the headcount, a shareholder with one share has equal voting power to anyone in the top 20.
This campaign is about defeating the takeover through the headcount so numbers of shares held don't need to be known.
OZL Price at posting:
$27.33 Sentiment: Hold Disclosure: Held
