Same for me. Big fat
YES. Reading the actual announcement is nothing like the non-holding down-rampers want us to believe in my opinion
I am no expert on ASIC rules and finance so my proposed voting intention is a straight interpretation of how I look at it.
I would appreciate if Koala or some other holder with ASIC knowledge could give their interpretation as well. Thanks in advance.
From the EXPLANATORY STATEMENT (Highlighted by me):
https://hotcopper.com.au/threads/ann-notice-of-general-meeting-proxy-form.6887557/#post-63062146"Under Listing Rule 7.4, the Company can seek Shareholder ratification of an issue made
within the limit of ASX Listing Rule 7.1, and, if given, the effect of the ratification is to deem
that the securities issued were issued with Shareholder approval, meaning that, from the
date of the approval, the Board is again able to issue up to a further 15% of the issued
capital without Shareholder approval.
The Company wishes to obtain as much flexibility as possible to issue Equity Securities in the
future without having to obtain Shareholder approval each time. Accordingly, shareholder
approval is sought. In particular the Company may seek to raise capital or place securities
to assist in the development of its flagship Sconi Project.It cannot issue securities to any
related party without first obtaining shareholder approval to do so.
As stated above, if Shareholder approval is given, the Equity Securities set out in Table 1 of
Schedule 1 will not count in calculating the Company’s 15% limit under Listing Rule 7.1,
thereby increasing the number of Equity Securities it can issue in the 12 months following
the issue dates.
If shareholder approval is not given, the Equity Securities set out in Table 1 of Schedule 1 will
count in calculating the Company’s 15% limit, thereby decreasing the number of Equity
Securities it can issue in the 12 months following the issue dates."From my understanding it is nothing like a blank cheque to the board. More so, again from my understanding, it is to neutralise to some degree the Bell Potter Schedule 1 - Table 1 shares so they don't affect the 7.1 Rule in the future.
I am happy to be corrected!
To get finance is no small and easy task and will cost $$$. We may make it or we may not. I am not stopping what I believe is the right way which in my opinion is to throw everything at financing Sconi. I don't want any stones left unturned.
I also do not think this is the time to cause havoc to the board who knows LG Energy Solution better than we do. The board has often disappointed us but let them take this one home for us.
Go AUZ!
All in my opinion and not investment advice. Do your own research.
(20min delay)