share purchase plan announced., page-26

A query for all:

Yesterday, the company announced a share pruchase plan to raise a possible $4.6m, through the issue of a maximum of 35,870,000 shares.

To be elligible, holders had to be registered at 5pm 22 June.


Now, my question is, the share issue seems to have jumped the gun. How can they announce an issue of more than 15% of the registered shares before resolution 5 is passed (or not) at the GM on the 26th June?

Surely they have to get approval before opening the SPP on the 24th June, 2 days before the approval? And essentially, they are back dating the eligibility...

Can anyone clarify this?

Even if this is kosher, it seems presumptious to say the least...

Y