man alive: "Now blast away.. " Why?
You are correct, page 11 states the conditions to achieve a quorum. The quorum determines whether a meeting can even be held. As you said, there must be 164,558,638 (or more) shares of common stock represented at the meeting before the meeting can continue. If a quorum is not met, there is no vote taken. The page goes on the describe what steps apply if there are not enough shares represented to achieve a quorum.
That should not be confused with the number of votes needed for the proxy to pass. Once the 1/3 standard has been met allowing the meeting to continue, I believe it is a higher standard that must be met for the proxy to pass. Page 15 states "Required Vote: The affirmative vote of the holders of a majority of the outstanding shares of Common Stock entitled to vote is required to approve the reverse stock split." That to me is a long winded way of saying it takes more than half of the 494,170,082 total outstanding shares to vote yes in order for the proxy to pass, not 50% of the 1/3. Note that it says "a majority of the outstanding shares of Common Stock entitled to vote", not "Shares.....being present at the Special Meeting." Certainly not simple to me! lol
This reply is not intended to be a "blast". Pro's questions dealt with what was required for the proxy to pass. That is what I was answering and therefore I did not mention the quorum requirements. Perhaps I should have.
Pro's original questions: "plus has the issue of "not voting" been cleared up? if you dont respond to the vote is it automatically considered a NO? plus what does it take to pass the RS, simple majority (51-49%)? or is there a number that has to be exceeded."
AI
