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Message: re: 2/3 majority needed

re: 2/3 majority needed

posted on Jun 07, 2008 04:39PM

"resolution 12 needs two thirds of approx 300 million shares

to pass, the no vote side needs just over approx 101 million shares

to block the resolution."



Actually we need much less than that. If my understanding is correct, to pass they need 2/3 of the shares being voted in person or by proxy at the meeting (as long as there is a quorum for the meeting to proceed. The threshhold for that is a much lower percentage). It is very rare that much more than half are voted in person or by proxy at annual meetings. Therefore, only 50 million shares (or probably much less) will be sufficient to block the adoption of the resolution. I would be very surprised if it passes. Unfortunately a lot of damage has already been done just by raising the issue.

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