83M shares changed hands - Mar 27-April 20thI would think that they have way more votes with the arbitrage buyers buying 83M shares. Also, you need to included all the exchanges that AAA trades on. And remember they need yes for 66.67% of the "votes cast" for the deal to pass (not 66.67% of the total vote). House Positions for AAA from 2015-03-27 to 2015-04-20 House Bought $Value Ave Sold $Value Ave Net $Net 79 CIBC 17,479,874 8,414,327 0.48 7,301,445 3,510,969 0.48 10,178,429 -4,903,358 65 Goldman 5,870,500 2,829,667 0.48 5,870,500 -2,829,667 89 Raymond James 3,739,000 1,813,274 0.48 713,863 345,438 0.48 3,025,137 -1,467,836 85 Scotia 11,155,253 5,368,636 0.48 9,190,014 4,420,324 0.48 1,965,239 -948,312 9 BMO Nesbitt 7,041,755 3,367,517 0.48 5,178,356 2,491,089 0.48 1,863,399 -876,428 14 ITG 1,505,500 719,787 0.48 66,991 32,064 0.48 1,438,509 -687,723 53 Morgan Stanley 965,000 472,850 0.49 20,000 9,600 0.48 945,000 -463,250 101 SG Capital 957,157 464,177 0.48 17,402 8,292 0.48 939,755 -455,885 1 Anonymous 13,437,702 6,441,377 0.48 13,162,658 6,336,532 0.48 275,044 -104,845 90 Barclays 274,500 133,692 0.49 60,000 28,849 0.48 214,500 -104,843 13 Instinet 1,088,000 522,700 0.48 978,500 470,057 0.48 109,500 -52,643 3 AltaCorp 176,247 84,410 0.48 81,954 39,461 0.48 94,293 -44,949 28 BBS 2,717 1,259 0.46 -2,717 1,259 48 Laurentian 3,500 1,706 0.49 -3,500 1,706 59 PI 5,142 2,493 0.48 -5,142 2,493 56 Edward Jones 16,000 7,638 0.48 -16,000 7,638 94 Hampton 20,000 9,500 0.48 -20,000 9,500 68 Leede 25,500 12,240 0.48 -25,500 12,240 44 Jones Gable 27,700 13,434 0.48 -27,700 13,434 57 Interactive 50,501 24,243 0.48 -50,501 24,243 123 Citigroup 69,433 33,279 0.48 -69,433 33,279 95 Wolverton 88,330 42,445 0.48 -88,330 42,445 69 Jordan 100,000 47,000 0.47 -100,000 47,000 70 Manulife 109,600 52,189 0.48 -109,600 52,189 76 Industrial Alliance 126,500 61,126 0.48 -126,500 61,126 31 D&D 201,600 96,768 0.48 -201,600 96,768 83 Mackie 238,500 114,677 0.48 -238,500 114,677 22 Fidelity 326,362 156,378 0.48 -326,362 156,378 36 Latimer 7,000 3,336 0.48 339,813 164,071 0.48 -332,813 160,735 78 Salman 350,000 166,623 0.48 -350,000 166,623 15 UBS 478 231 0.48 367,228 176,406 0.48 -366,750 176,175 33 Canaccord 847,000 406,327 0.48 1,215,873 579,815 0.48 -368,873 173,488 99 Jitney 1,321,500 634,284 0.48 1,699,500 818,075 0.48 -378,000 183,791 62 Haywood 414,182 198,641 0.48 -414,182 198,641 39 Merrill Lynch 26,000 12,479 0.48 441,050 211,700 0.48 -415,050 199,221 58 Qtrade 44,600 21,183 0.47 499,410 239,660 0.48 -454,810 218,477 71 Brant 501,500 239,319 0.48 -501,500 239,319 19 Desjardins 35,880 17,209 0.48 796,535 382,908 0.48 -760,655 365,699 124 Questrade 26,235 12,614 0.48 846,628 405,867 0.48 -820,393 393,253 88 Credential 22,790 11,157 0.49 913,554 439,823 0.48 -890,764 428,666 143 Pershing 53,800 25,842 0.48 996,886 477,862 0.48 -943,086 452,020 74 GMP 100,000 48,000 0.48 1,076,000 514,848 0.48 -976,000 466,848 66 Pope 1,000,000 490,000 0.49 -1,000,000 490,000 27 Dundee 824,024 393,486 0.48 2,807,705 1,354,893 0.48 -1,983,681 961,407 80 National Bank 441,285 210,547 0.48 2,711,927 1,306,196 0.48 -2,270,642 1,095,649 2 RBC 10,062,413 4,846,445 0.48 13,456,782 6,463,011 0.48 -3,394,369 1,616,566 7 TD Sec 5,793,646 2,781,784 0.48 14,679,998 7,058,570 0.48 -8,886,352 4,276,786 Total 83,297,139 40,057,338 83,297,139 40,057,338 0 0