Ann: Becoming a substantial holder in BOW by DB G, page-62

re: Ann: Becoming a substantial holder in BOW... abalone, you wrote:

"Question. At December meeting the buyer only requires 50% + 1, so I guess if you have a good number of shares your vote would carry weight and it's not just counted on bums in seats?"

Not so abalone.

What is needed to push/allow the SoA (Scheme of Arrangement) through and been approved before it goes to the Court for the final approval, is 50% plus 1 vote that will represent 75% of the total shares on issue.
The 50% plus one vote, is usually based on bums on seat, but in the majority of cases now, a proxy vote is also allowed to be counted as a "Bum on seat". That part is better if it clarified by our Board though, to reassure us that, that is the way they are going to handle it.

Most importantly though, don't forget that, IMO, it is our Board that has to make the final decision on how the meeting has to be run, NOT AOE.

Finally, and consequently to what I wrote above, I bring you and others to the point that the 50% plus 1 vote, means that anyone who hold shares, (Usually even a small but marketable parcel of shares) will count as 1 vote. It does not matter if you own 10 million shares and I own 500 shares. In the end and for the cause of that meeting we both will have 1 vote that will be counted.

I hope that this will clarify the issue a little further.

Regards to all. And please SYOR.

Buddy