I must be missing something here as to how 100m new shares are being issued without existing shareholders having a say.
Under ASX rules the company, under section 7.1 of the ASX rules, can issue up to 15% new capital without existing shareholder approval.
They can raise an additional 10% if that is approved at a previous General meeting by existing share holders. Resolution 7 at the AGM last September approved that extra 10%.
Any further shares can only be issued on a pro-rata basis to existing shareholders or to fill the shortfall of the pro-rata not taken up by existing shareholders
Therefore the total number of shares they can issue without seeking existing shareholders is 25% of 200m ie 50m.
Remembering existing shareholders can reject the 15% component at the next AGM if they don't like it. New shareholders are excluded from the vote on that ratification resolution, as are any existing shareholdings that got more shares from the special issue.
Maybe rather than speculating we should wait for an official release from the company as to the details of the CR. That is what the trading halt is for.
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Open | High | Low | Value | Volume |
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4 | 135854 | 0.420 |
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Price($) | Vol. | No. |
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