Not sure that is correct Brick from the EGM documents above is resolution 1 the issue of shares in the placement and SPP. It clearly states that if approved by shareholders it will be excluded from calculating the companys 15% capacity going forward. If not passed it will be included in the companys existing 15% capacity.
Above is also from EGM docs in regards to the options resolution and clearly states if approved it will be excluded from companys 15% capacity going forward. If resolutions above are not approved they wont have the capacity in the 15% available, and won't be able to utilise the additional 10% given at AGM, as listing rules state that if using this facility the discount for the raise must be no more the 25% discount on 15 day VWAP they went for over 30% discount so cant utilise the additional 10% mandated at AGM. One thing I am not clear on is if resolution 1 is passed then it appears it wont use up any of the companys 15% capacity which in turn may allow them to utilise this for resolution 3 options package even if options package is voted down. That would be a real kick in the teeth to anyone that is opposed to the proposal but doesn't want to hamstring the company by voting down resolution 1 but looks like a possible outcome, some clarity on this would be good if anyone knows the answer.
If all resolutions are passed there is a real concern my end that we could be diluted to nothing within 12 months if you take in the 30% odd dilution this raise will bring if all is approved then get jammed with a further 25% within 12 months then you either have to keep throwing good money after bad to keep up with the excessive dilution or become diluted to almost nothing. I was told last week that dilution never killed anyone...this is true but it certainly is a good way to kill off retail longterm holders stake in the company.
GLTA
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