draining the swamp..., page-60

Read carefully resolution 4, page 13Resolution 4: Approval of Additional 10% Placement CapacityListing Rule 7.1AListing Rule 7.1A provides that an eligible entity may seek shareholder approval by special resolution at its Annual General Meeting to issue equity securities equivalent to an additional 10% of the number of ordinary securities on issue over a period of 12 months after the Annual General Meeting (10% Placement Capacity). This is in addition to the existing 15% placement capacity permitted by Listing Rule 7.1.If Shareholders approve Resolution 4, the number of equity securities the Company may issue under the 10% Placement Capacity will be determined in accordance with the formula prescribed in Listing Rule 7.1A.2 (as set out below).An eligible entity is one that, as at the date of the relevant Annual General Meetinga) is not included in the S&P/ASX 300 Index; and(b) has a maximum market capitalisation (excluding restricted securities and securities quoted on a deferred settlement basis) of $300,000,000.The Company is an eligible entity as it is not included in the S&P/ASX 300 Index and has a current market capitalisation of less than $300,000,000.Any equity securities issued must be in the same class as an existing class of quoted equity securities. The Company currently has one class of quoted equity securities on issue, being Shares (ASX Code: WBT).The number of equity securities that the Company may issue under the approval sought by Resolution 4 will be calculated in accordance with the following formula as set out in Listing Rule 7.1AA x D) – EWhere:A= the number of fully paid Shares on issue 12 months before the date of issue or agreement to issuei) plus the number of Shares issued in the 12 months under an exception in Listing Rule 7.2;(ii) plus the number of partly paid Shares that became fully paid in the 12 months;(iii) plus the number of fully paid Shares issued in the 12 months under Listing Rules 7.1 and 7.4; and(iv) less the number of fully paid Shares cancelled in the 12 months.D= 10%.E= the number of equity securities issued or agreed to be issued under Listing Rule 7.1A.2 in the 12 months before the date of issue or agreement to issue that are not issued with the approval of the Shareholders under Listing Rule 7.1 or 7.4.268143_01_V24Technical information required by Listing Rule 7.1AWhile the Company does not have any immediate plans to issue equity securities, purposes for which equity securities may be issued pursuant to Resolution 4 may include the raising of capital to facilitate further investment opportunities.Pursuant to and in accordance with Listing Rule 7.3A, the information below is provided in relation to Resolution 4a) Minimum Price: Under the Listing Rules, the minimum price at which the equity securities may be issued is 75% of the volume weighted average price of equity securities in that class, calculated over the 15 trading days on which trades in that class were recorded immediately beforei) the date on which the price at which the equity securities are to be issued is agreed; or(ii) if the equity securities are not issued within 5 trading days of the date in paragraph (i) above, the date on which the equity securities are issued.(b) Risk of voting dilution: Shareholders should be aware there is a risk of economic and voting dilution that may result from an issue of equity securities under the 10% Placement Capacity, including the risk thati) the market price for equity securities in that class may be significantly lower on the issue date than on the date of the Meeting where approval is being sought; and(ii) the equity securities may be issued at a price that is at a discount to the market price for those equity securities on the date of issue.Any issue of equity securities under the 10% Placement Capacity will dilute the interests of Shareholders who do not receive any equity securities under the issue.If Resolution 4 is approved by Shareholders and the Company issues the maximum number of equity securities available under the 10% Placement Capacity, the economic and voting dilution of existing Shares would be as shown in the table below.The table below shows the potential dilution of existing Shareholders calculated in accordance with the formula outlined in Listing Rule 7.1A.2, on the basis of the current market price of the Shares and the current number of Shares on issue as at the date of this Notice of Meeting. The table also assumes that no options currently on issue are exercised into Shares before the date of issue of the equity securities.The table also shows the voting dilution impact where the number of Shares on issue (variable A in the formula) changes and the economic dilution where there are changes in the issue price of Shares issued under the 10% Placement Capacity. Variable “A” in Listing Rule 7.1A.2Dilution $ 0.39050% decrease in Issue Price$ 0.780Issue Price$ 1.560100% increase in Issue Price Current Variable A10% Voting dilution9,863,7089,863,7089,863,708 98,637,084Funds raised$ 3,846,846$ 7,693,693$ 15,387,38550% increase in current Variable A147,955,62610% Voting dilution14,795,56314,795,56314,795,563Funds raised$ 5,770,269$ 11,540,539$ 23,081,078100% increase in current Variable A197,274,16810% Voting dilution19,727,41719,727,41719,727,417Funds raised$ 7,693,693$ 15,387,385$ 30,774,770 2681

In short, 10% in addition to the allowable 15%.




How quick did they move on this is like Dusty Martin around a loose ball. Perhaps the deal was already “negotiated” prior to AGM. Was just days after AGM, then announcement.