Voting is not so important in a takeover situation. Each person...

Voting is not so important in a takeover situation. Each person decides what to do with their own shares, hold, sell into the t/o, or sell on market. Only if the t/o bidder get 90% of all shares can they make a compulsory acquisition of the rest. If the bidder gets over 50% they have definite control, and would have effective control well below 50%. Personally I would not want to be a minority holder in a start-up miner so I would probably sell out if a lot of shareholders were doing that.