AGM - proposed resolution thoughts?

Any HOLDERS of this hijacked thread still reading?

The AGM is this month and shareholders are being asked to vote in favour of a blanket authority to issue new stock at the Board's discretion (amongst other things).

Of course, buyers and holders of the stock are; or should be, aware of the constant need for cash by the company. But I have a problem giving such a blank cheque to dilute current shareholders without recourse. The Board has indicated its preference for issuance to invited parties as opposed to rights issues enabling current shareholders the opportunity to maintain their holdings without dilution. The Board may well know the financial positions of their major shareholders, which could well be the reason why such a course of action is preferred, but the upshot of course is that is smaller shareholders are treated unfavourably.

The Board points out that those with an interest in seeing such proposals pass are prevented from voting, (a ridiculous statement) but given the way the share price appears to be maintained at its currents levels, one has to wonder if the fix is in already!

Any one know of the current state of drilling? The Board has been silent following the newspaper story some time ago claiming the drilling programme was suspended indefinitely, and considering the drilling programme was announced with fanfare, a shareholder might like some information or rebuttal of that claim. I wonder if those shareholders taking stock at 30c recently are fully informed?