Imo the bizarre thing about this resolution is not the 10% flexibility to issue at some point over the next 12 months, which isn’t uncommon in itself. But it’s the accompanying exclusion statement:
“The Company will disregard any votes cast in favour of Resolution 7 by or on behalf of a person, or any associate of that person, who may participate in the proposed issue and a person who might obtain a benefit as a result of a proposed issue, or any associate of a person who might obtain a material benefit, except a benefit solely in the capacity as a holder of Shares if Resolution 7 is passed.”
With no proposed issue on the table that we know of, how on earth could the company disregard any votes of a person that may benefit on the day of the annual meeting? Either the company has something in mind - if so, where’s the announcement - or it doesn’t and it won’t on or before the day of the annual meeting - in which case this exclusion statement is totally superfluous because it cannot be applied. It can’t at a future point retroactively go back to the AGM votes and disregard any cast in favour by someone that may benefit.
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Ann: Notice of Annual General Meeting/Proxy Form, page-6
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