Husky Energy Inc. cumulative redeemable preferred T.HSE.PR.B

RE:What's this 10% by Cenovus????

[RagingBull3]

Anyone Good at English?.... and can dumb it down for me.... and explain the situation for the Preferreds?    I assume they become Cenovus Preferreds but then I see this "10%", so I don't really know.

RagingBull3 wrote: "The Arrangement is not conditional on Husky Preferred Shareholder approval. However, the exchange of Husky Preferred Shares for Cenovus Preferred Shares under the Arrangement is subject to (1) approval of not less than 66% of the votes cast by Husky Preferred Shareholders' voting together as a single class at the Husky Meeting; and (2) unless otherwise determined by Cenovus in its sole discretion, holders of not more than 10% of the Husky Preferred Shares having validly exercised, and not withdrawn, dissent rights (collectively, the “Preferred Share Condition”). If the Preferred Share Condition is not satisfied prior to the effective time of the Arrangement, the Husky Preferred Shares will not be acquired by Cenovus pursuant to the Plan of Arrangement, will remain outstanding in a subsidiary of Cenovus following Closing, and will remain listed for trading on the TSX. If issued, the Cenovus Preferred Shares are expected to be listed on the TSX."

As I understand, about 49% of the Preferreds voted.   Of those that voted, about 97.8% vote for the arrangement.    So, there's over 50% that did not vote.   Did they Dissent? 

So, what's the situation for the Preferred Shares?   They will become Cenovus Preferreds or not?