scheme of arrangement

The SMH reported this morning that any bid would be via a Scheme of Arrangement:

"The offer is believed to be predicated on the board recommending a takeover by way of a scheme of arrangement."

I would have thought in the CML situation that this would be very hard to get up given the wide open register and retail ownership bias and complexities involved in such a structure. Also assumes that no other offer is likely!

A SoA must be approved by a vote of more than 50 per cent of the members present and voting who represent 75 per cent of the total value of the shares of those present and voting at the meeting