Yes, it is % of shares not shareholders. For the vote to be...

Yes, it is % of shares not shareholders.

For the vote to be valid it needs at least 50% of the shares to participate in the vote. Once this criteria is met, the YES vote must be at least 75%.

In another takeover I was involved with recently(MUA) , ASIC (which approves the scheme of arrangement deed) added additional criteria to ensure a certain group of shareholders were not dominated another group during the vote. So additional criteria was added besides the 50% and 75% rule. I wouldn't be surprised to see them get involved again as we have a major director holding which will influence the vote significantly over other smaller shareholders.

The more of us that lodge a complaint through ASIC, the more chance of them getting involved.