CB - I am certain that for a Scheme to be approved by the Court, the resolution must be approved by both:
- 75% of number of shares voted in person or by proxy, AND
- a majority (ie >50%) of the shareholders voting in person or by proxy.
and as you have pointed out previously, it is the second leg in which MBL will have problems.
and as you also pointed out previously, there would be issues if current shareholders "split" their shareholdings.
But as you correctly pointed out, the better/safer option is for shareholders to get their relatives to buy a small parcel independently of each other. MBL would not be able to do anything about that.
cheers
CTP Price at posting:
20.0¢ Sentiment: None Disclosure: Held
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