Ann: Addendum to Notice of Meeting, page-3

Hi Babba
I don't own PAR and am not hear to downramp. I hold other shares where companies are asking shareholders to pass the 10% so thought I would jump on here for thoughts.

Someone I know holds PAR and we have been looking at the addendum. I did a little reading and noticed the below:

Last year at the AGM shareholders did not pass the resolution to add the extra 10%. As a result the placement this year was 14.8%, then PAR also had the rights issue on top of that for just under 10%.

Because the 10% last year was not passed, retail were then invited through the rights issue i.e given the option to be involved in the dilution.

Now I'm not saying PAR would not have done the rights issue even if they had the 10% or the instos would have done 25%, but it did take the option away from the board of just getting 25% from instos pretty much guaranteeing retail being involved.

I have also been looking at the below, how are posters deciding what this means: