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An unspecified majority did; 99 was the percentage of eligible shareholders who cast ballots.
To reach a deal, 75 percent of Xstrata's eligible shareholders must support it.
The shareholder vote would require a majority from all eligible shareholders, not just of the shareholders who voted.
Any company receiving 25% or more of no votes from eligible shareholders at two consecutive meetings must put a motion to shareholders to spill the board.
In a complicated vote structure on Tuesday, almost 80 percent of Xstrata's eligible shareholders vetoed the multimillion-dollar bonuses despite voting for the deal.
SVG Capital, like Candover, a London listed private equity firm, was also in trouble after its one-for-one rights issue offer was backed by only 53.2% of eligible shareholders.
Similar(52)
Each eligible shareholder or group would be permitted to nominate up to 25% of the board.
On the abatements, the shareholder should be aware that many co-ops impose an assessment on each eligible shareholder in the exact amount of the abatement to keep maintenance as low as possible, Mr. Weinstein said.
Prior to GAMCO's Schedule 14N filing, conventional wisdom suggested that activist investors would not use proxy access provisions because of the bylaw's typical 3-year holding requirement and restrictions on an eligible shareholder's control intent and solicitation activity.
According to Xstrata, "this voting structure provides eligible Xstrata shareholders with the ability to vote against the resolution to approve the revised management incentive arrangements in the knowledge that a vote against the revised management incentive arrangements is not necessarily a vote against the merger".
The joint venture will also buy up to $9 billion of shares from eligible existing shareholders in a tender offer, with the total investment amounting to at least 14% of Uber's shares.
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