knowsnothing wrote: As of Thursday, July 2, 2015 (pending formal vote tabulation):
At least 116,263,184 of the company's common shares or 59.6 per cent of the issued and outstanding common shares that have been voted, have been cast against the proposed arrangement.
Excluding Alfa and Harbour's common shares, at least 86.3 per cent of the votes cast, have been voted against the proposed arrangement"
This number isnt the total shares, its a partial count of shares, only 116 million shares said no to the buyout, this number includes O'Hara's share count and its affiliates, which is about 60 million shares, so there is 56 million people who arent O'Hara or Alfa/harbour who voted no.
Alfa has to weight this information carefully, some people will refrain from voting and some will wait to the last minute to vote, they need 66% of total vote and including of which 50% and one of the voted excluding theirs. So now we 116 million said no, by excluding Alfa, this means 316 - 63 = 253 million, 116 ÷ 253 = 45.8% said no already, that doesnt mean the rest said yes either. The numbers O'Hara stated are the ones who got voted. If 116 million shares represent 59% of the shares that were voted so far. 116 ÷ 59% = 193 million shares voted so far. This means 123 million shares aren't voted yet. Alfa needs 50% of 316 - 63 = 253÷ 2 = 126.5 million shares in their favour. And 126.5 against them, already 116 million said no, so O'Hara needs 11 million shares to take down the deal out of 123 million shares. Alfa needs 113 million shares out of 123 million not voted yet to pass the deal, OUCH, this will be very tough to pass.