voting

I am looking through the AGM docs just received. Price target on the new research included 1.18-1.55? (i think that is a bit on the low side) ...but we wish to dilute further based on this?


My comments below and I would appreciate further thoughts. I must try to do more reading on the voting by TRF. I just morally disagree with the thought of directors in one company voting on behalf of shareholders of that company for themselves in a different company. Does it fit Good Corporate Governance Principles?

Will TRF vote or abstain? Does it comply with Sect 208 of the corporations act prohihiting a company giving a financial benefit to a related party without prior shareholder approval? (as per Section 5 of the AGM document .. i don't know the act)

Resolution 3 ..the funds are to be raised in the next three months to assist fast tracking Stage 2, I believe this might be beneficial. But surely we can get a TIMETABLE of proposed expenditure and tasks given IFE know they want the money and the tasks required. This would surely be a pre-cursor to an informed decision by an average investor on Stage 2 Performance rights??

Resolution 4 ..a reasonable approach given the development stage of the company.. I know it means dilution but it may assist rapid development in an uncertain market. Will it hold the price down until issued?

Resolution 5 and 6 .. I do disagree on any issue of these as there has been no timeline issued previously on which to allow an average investor to judge performance, the plan (based on spruiked milestones) has slipped by a year, and now we are possibly expected to reward dates slipping by up to 1/3 of a year more? No. (hey! where is the TRF gold info?)

Resolutions 7 and 8 .. Not sure about these. I think the dates are soft given the amount of work probably already completed for the bankable feasibility study. I would be happy with 100% on 31st July and 50% for August but no other chances. Hard to quantify when we have no information on progress. So .. I find I wish to say No as I have no information to judge the level of outperformance required, if any....

Resolution 9.. ambivalent but given the stage of company development I would be prepared to accept but to dilute the share capital by 0.67% is a bit rich!! Halve the number.