(1) no Voting Shares and/or Convertible Securities shall be taken up or
paid for pursuant to the Take-Over Bid (x) prior to the Close of
Business on a date that is no earlier than 60 days (or such shorter
period of time as may be permitted by the Board of Directors from
time to time) after the Offer Date of the Take-over Bid, and (y)
then only if, at the Close of Business on the date Voting Shares
and/or Convertible Securities are first taken up or paid for under
such Take-Over Bid, outstanding Voting Shares and Convertible
Securities held by Independent Shareholders that represent more
than 50% of the aggregate of: (A) then outstanding Voting Shares;
and (B) the Voting Shares issuable upon the exercise of
Convertible Securities; (a) have been deposited or tendered
pursuant to the Take-Over Bid and not withdrawn, and (b) have
previously been or are taken up at the same time;
It seems to imply that unexercised warrants/options get the same voting rights as common shares. Is this usual? It seems to me given the number of warrants outstanding that this could be material.
