At the general meeting on 30/11/2010...Resolutions 5 and 6 were passed unanimously.
These resolutions involve the potential sale of 40m and 60m WHNO at 1c before the 28/02/2011 (3 months from the day of the meeting)
IMHO this could raise upto $1,000,000 at short notice.
I believe these resolutions were set in place by a very competent management team, who have incedible foresight and insight into the smooth running of a very vibrant and dynamic plan to unlock the hidden wealth of WHN's massive oil and gas acreage blocks off the coast of the Seychelles.
Cheers
PS: IMHO...WHN's new management team have made sure solutions have been set in place...long before you "backseat drivers" on Hot Copper thought of the problem(s)!!!
References from WHN formal announcement: 29 Oct 2010 19:11 WHN Notice of Annual General Meeting/Proxy Form
5. RESOLUTION 5 ? PLACEMENT ? OPTIONS 5.1 General Earlier this year, the Company obtained shareholder approval to issue 40,000,000 Options to sophisticated and professional investors at a price of $0.001 each. The 9 terms of the Options were intended to be the same as the Options that were issued under a rights issue by the Company around the same time. However, the Company subsequently changed the terms of the Options issued under the rights issue and therefore the approval to issue 40,000,000 Options become obsolete. The Company is now seeking to refresh the shareholder approval. Resolution 5 seeks Shareholder approval for the allotment and issue of up to 40,000,000 Options (Option Placement). None of the subscribers pursuant to this issue will be related parties of the Company. ASX Listing Rule 7.1 provides that a company must not, subject to specified exceptions, issue or agree to issue more equity securities during any 12 month period than that amount which represents 15% of the number of fully paid ordinary securities on issue at the commencement of that 12 month period. The effect of Resolution 5 will be to allow the Directors to issue the Options pursuant to the Option Placement during the period of 3 months after the Meeting (or a longer period, if allowed by ASX), without using the Company?s 15% annual placement capacity. 5.2 Technical information required by ASX Listing Rule 7.1 Pursuant to and in accordance with ASX Listing Rule 7.3, the following information is provided in relation to the Option Placement: (a) the maximum number of Options to be granted is 40,000,000; (b) the Options will be issued no later than 3 months after the date of the Meeting (or such later date to the extent permitted by any ASX waiver or modification of the ASX Listing Rules) and it is intended that allotment will occur on the same date; (c) the Options will be issued for $0.001 per Option and the exercise price will be $0.075; (d) the allottees of the Options are not known at this time but will be such persons or entities who are professional or sophisticated investors as the Directors may determine as defined in the Corporations Act, other than related parties; (e) the Options will be issued on the terms and conditions set out in Schedule 1; and (f) the Company intends to use the funds raised from the Option Placement towards the acquisition and development of oil and gas assets for the Company. 6. RESOLUTION 6 ? PLACEMENT ? OPTIONS 6.1 General Earlier thisEarlier this year, the Company proceeded with an entitlements issue of Options at an issue price of $0.012 each. There was a shortfall from this entitlement issue of approximately 60,000,000 Options which could have been placed within three months of the closing date of the prospectus prepared for the entitlements issue. This three month time period has now passed and the Company is seeking to refresh its ability to issue these shortfall Options. 10 Resolution 6 seeks Shareholder approval for the allotment and issue of up to 60,000,000 Options (Shortfall Option Placement). None of the subscribers pursuant to this issue will be related parties of the Company. A summary of ASX Listing Rule 7.1 is set out in Section 5.1 above. The effect of Resolution 6 will be to allow the Directors to issue the Options pursuant to the Shortfall Option Placement during the period of 3 months after the Meeting (or a longer period, if allowed by ASX), without using the Company?s 15% annual placement capacity. 6.2 Technical information required by ASX Listing Rule 7.1 Pursuant to and in accordance with ASX Listing Rule 7.3, the following information is provided in relation to the Shortfall Option Placement: (a) the maximum number of Options to be granted is 60,000,000; (b) the Options will be issued no later than 3 months after the date of the Meeting (or such later date to the extent permitted by any ASX waiver or modification of the ASX Listing Rules) and it is intended that allotment will occur on the same date; (c) the Options will be issued for $0.01 per Option and the exercise price will be $0.075; (d) the allottees of the Options are not known at this time but will be such persons or entities who are professional or sophisticated investors as the Directors may determine as defined in the Corporations Act, other than related parties]; (e) the Options will be issued on the terms and conditions set out in Schedule 1; and (f) the Company intends to use the funds raised from the Shortfall Option Placement towards funding new asset acquisitions, development of existing and new assets and to provide working capital for the Company.
QFY Price at posting:
3.8¢ Sentiment: Buy Disclosure: Held
(20min delay)