Dear Holy,Many thanks for that explanation of a Scheme of...

Dear Holy,

Many thanks for that explanation of a Scheme of Arrangement and how it can be defeated.

When on the one hand each or OIP's 1345 shareholders receives a personal letter containing "Explanatory Notes" with arguments and spin in favour of the Scheme including reports from so called independent experts who conclude that the Scheme is "fair and reasonable" all paid for using company funds, and on the other hand shareholders don't receive a personal letter containing any arguments at all against the Scheme, then in that absence many would be inclined to vote as directed by the directors in favour of the merger.

The challenge for me and my fellow travellers on this forum is to put before those 1345 shareholders the reasons why they should vote against the proposed Scheme when we don't have the funds or organisation to do so.

The best we can do is present our counter-argument and voice our concerns on a shareholders online forum like HC and hope that each of those 1345 OIP shareholders reads our posts. It would be interesting to know just how many access the posts on this forum.

While what Holy is suggesting is a laudable ideal... shareholder sovereignty and all that... unfortunately in the disempowered context in which shareholders find themselves as I have described above, it is just not practical.

In this situation the best we can do is to make appeals to the regulators, the ASX and ASIC. That I have already done and posted my emails on this forum for others to use. We can also appeal to the Federal Court of Autralia with whom ultimately resides the responsibility for approving the Scheme.

I am currently working on an appeal to the Court using in part the information in OXX's announcement and in OXX's letter to the OIP Board. I shall post it to this forum early tomorrow in the hope that fellow travellers will use it for their own appeal.

Regards, Fairgopat