has anyone had a reply?, page-15

Petunia, I don't see how they can refuse to allow questions and debate on the capital raising at the meeting. Just to recap, resolution 1 would allow the directors to issue a further 11.4m shares at any time. Resolution 3 would allow the directors to issue a further 11m shares within 3 months from the date the resolution is passed. Collectively, that is a 30% dilution and potentially at an issue price of 60 cents (based on 80% of current price of 75).
WHY is this capital suddenly necessary (remember , it is a special general meeting , not the AGM). The apparent need for capital flies in the face of what Finch was saying a short time ago e.g ASX release 23.2.11 in relation to 11m capital raising : "IFE's intention is to pursue the remaining capital (for Stage 1) through non-dilutionary borrowings"; and Update letter 25.3.11 confirms the company will borrow to finance stage 1 after the capital raising is completed and that "the issue price of 75 cents represents very good value". I believed those announcements before taking up my entitlement in the capital raising AND buying additional shares. This is blatant misrepresentation ! They will argue , of course , that the new issues will fund the stage 2 BFS and further exploration, but those costs can be paid from income from stage 1 , even if it means delaying work for a bit.
The effect of the very possibility of this major dilution has impacted on the SP of the company....what is going to happen if the resolutions are passed and the shares issued ??? Finally, did everyone note that Finch included a new report from CygnetCapital in the mail-out of the Notice of GM ? That report valued IFE at $1.18 - 1.55 BUT is obviously based on the assumption we poor mugs made namely "Cygnet assumes IFE will fund both (meaning project funding and working capital of $20m)using debt funding closer to commencement". Using the report in this way is further misrepresentation by Finch when he knows the basis for the valuation is about to be change radically by a 30% dilution. I intend to raise the matter with Cygnet and find out how they feel about being used in this way.