Holy, fairgopatThanks Holy. If you assume as is reasonable that...

Holy, fairgopat

Thanks Holy. If you assume as is reasonable that the bulk of the 1345 "members" of OIP have quite small holdings and that many will be convinced to vote as directed by the board then it seems to me that the Yes vote could well achieve > 50% of those present plus voting by proxy. So it is then the case that > 25% of member's by shareholding need to vote NO. That requires 39.1m shares to be voted against. Given that there are 155m shares and ESG + I&S + OIP board has 42.1% (65.2m shares) then of the remaining 89.8m shares then 43.55% of the remaining shareholdings need to vote NO. That's not going to be too easy .. and in fact OIP would have looked at those numbers (and the fact that only a few people look at HC ... 20-30 views for posts at most) and will consider I am affraid to say that they are pretty safe.

In that case I reckon that OIP will "tough it out" and take it to a vote and worry about any court challenge later. Of course that may depend on what their legal advice is in terms of what the corporations law says about board responsibilities in the circumstances of a takeover offer being received with a Scheme of Arrangement vote pending. So a legal requirement to reschedule the vote remains the best hope .. anyone know what the law is in this circumstance?

H