"During the period up to June 2014, the Company issued 47,077,497 fully paid ordinary shares to Neil Gardyne Investment Pty Ltd (“NGI”) and 8,000,000 fully paid ordinary shares to Mr Neil Mount who are related parties to the CEO of the Company Mr Ryan Mount. These shares and attaching options were issued through private placements and a Rights Issue on the same terms as issued to participating investors but were inadvertently issued without the required shareholder approval - in contravention of Listing Rule 10.11"
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