SP going no where IMO due to potential dilution

Recent ann of Notice of AGM explanatory Memorandum - Resolution 6 convinces me not to trust management speak.

Here it is why.

In an ann dt., 19-08-2015 on page 2 Ashley Moore went on to say "....we plan our project finance solutions ahead of time for our project pipelines and where possible, seek finance solutions which are low in dilutive impact on our current shareholders."

Resolution 6 in Notice of AGM says there is a possibility of 10% dilution (~261,745,452 equity securities) if resolution approved.

In additon, for the resolution to be valid, the market capital of ESI should not be more than $300 million and cannot be included inmthe S&P/ASX 300 Index at the time of the AGM and is valid for 12 months from date of AGM.

Also, the new securities to be issued will be based on 75% or more of the VWAP of 15 trading days recorded immediately before date of issue.

So IMO the SP is going no where.
The maximum I would expect it to go before 27th Nov AGM could be 0.04 which I doubt.

As VWAP is at play the SP is most likely to drift back IMO.
Also refer to the comparison table on page 16 from ann dt., 28-10-2015.

I believe in the technology and technology alone