RE: Vote Recap15 Mar 2021 18:38
I would clarify todays vote as follows:-
In order to conclude the resolution there needed to be 15m votes cast out of 20m (the required 75% quarum). Only 12.5m votes were cast (62.5%). Hence the meeting was adjourned in compliance with the proposal document.
Out of the 12.5m votes cast today 10.5m (84%) were FOR and 2m were AGAINST. Had the quarum been met then the 2/3rds majority required to pass the resolution would have been met.
The adjourned meeting will now only require 5m votes to be cast in order to meet the 25% quarum. Based on todays voting pattern the resolution is very likely to pass at the next meeting if todays votes remain unchanged and no further votes are cast. The only possible negative outcome is if a high enough proportion of the bondholders that didn't vote today (7.5m possible votes) now decided to vote against the resolution, such that the FOR votes become less than 2/3rds of the total votes cast.