nsa nearfield 12,000 acres, page-13

Stapleman - I share your concerns regarding a takeover.Unfortunately, the capital raising has probably increased this possibility, with the downward pressure on the share price, and the introduction of institutions onto the register, who are more likely to sell out for a short term profit, and move on to the next company.
Regarding the Share Purchase Plan, I'm not sure why the Company has put up resolution 3 for the upcoming meeting. The original placement was oversubscribed, so they will have received more cash than they originally planned (provided the second tranche is approved). It now looks like the SPP will be a fizzer, with the share price currently below 30c, but why would the Company wish to offer institutions more shares at 30c in the next 3 months? If there are some good announcements in that period, the share price could take off, but the Company could still be issuing shares at 30 cents, further diluting our current shareholding. I know you'll say that the management has always acted in shareholders' interests, and won't do this, and I wouldn't disagree with you, but why put up the resolution?