I received notice of general meeting memorandum today, and as shareholder I am requested to decide on 3 resolutions:
Res 1: ratification of shares issued on 7 Dec 2010
Res 2 : issue of 80 million shares to instos at price not less than 80% vol weighted average over 5 days.
Res 3 : issue of option at price $0.00 ( NIL ) to instos ( No retails SH mentioned), exercise price is 100% vol weighted ave over 5 days.
Res 1 & 2 I have no problem.
Res 3, it looks a bit dodgy to me, why option issue at $0.00 to instos ? No fund will be raised from issue of options.
Im considering to vote against Res 3.
Just wondering how other Shareholders see it?
notice of general meeting
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