Rosseau claims 30% institutional support for their hostile takeover.
That leaves 70% of shares in other people's hands. History tells us that retail 30-40% of shareholders ever bother to vote their shares at the AGM.
So, out of that 70% of outstanding shares, what percentage is required to defeat the dissident proxy?
We need about 43% of those remaining shares to vote behind Richard.....assuming no one else votes for the dissident slate of directors.
43% of the rest is our minimum threshold for success, and I suspect I know which way Richard himself will vote.
I suspect institutions were already more likely to vote their shares. Had there not been a dissident proxy submitted, it wouldn't really matter who voted; the assumption is, in the absence of an alternative, that all non-voted shares are actually behind management. But this is different. This time, we have to make a choice, and it comes down to a simple majority: 50% of all votes, plus one.
We cannot know how that historical 30-40% figure arose, institutional vs. retail. All that matters is that we make sure that we get as many votes for Richard as we can. Retail can overwhelm this minority institutional surge. We will overhelm it.
Please, everyone, do all that you can to get all Noront shares voted.
Lar
