With voting closing at 10am this morning for anyone not attending in person the reminder is questionable at best to be saying about physical attending and voting vs being reminded to vote online.
Oh, PLEASE read, particularly if you intend to front up at the AGM, which unfortunately I can't..
Ann: FY22 Results
https://hotcopper.com.au/threads/ann-fy22-results.6914548/
I am sure you are doing your own research but I did some on the weekend and it was
eye opening and shocking to me.
The latest that really took me as i went to cast my online vote today....
The mailed out voting form resolution 5 says
"Approval of 10% Placement Capacity"
BUT, IMO missleadingly in the notice of AGM:
5.2 ASX Listing Rule 7.1A
The ASX Listing Rules provide that an entity that satisfies both of the following tests as at the date of the Meeting
(Eligible Entity) may seek shareholder approval under ASX Listing Rule 7.1A:
(a) the entity is not included in the S&P/ASX 300 Index; and
(b) the entity’s market capitalisation is not greater than $300,000,000.
As at 19 October 2022, the Company’s market capitalisation is approximately $38.6 million and accordingly, as at
the date of this Notice, the Company is an Eligible Entity for these purposes.
If this Resolution is passed, the Company will be able to issue equity securities up to the combined 25% limit in ASX
Listing Rules 7.1 and 7.1A without any further shareholder approval. The number of equity securities the Company
may issue under its 10% Placement Capacity will be determined in accordance with the formula prescribed in ASX
Listing Rule 7.1A.2 (refer to section 5.3 below).
If this Resolution is not passed, the Company will not be able to access the additional 10% capacity to issue equity
securities to issue equity securities without shareholder provided for in ASX Listing Rule 7.1A and will remain
subject to the 15% limit on issuing equity securities without shareholder approval set out in ASX Listing Rule 7.1
(15% Placement Capacity).
What on earth is this company doing?
To me, this vote is completely misleading OR they are stepping back from the proposed 25% and only going with the standard 10% - without telling anyone. I don't think it is the later.
Ok, so maybe they have an administration issue - TO LATE. If you ask shareholders to vote on the standard 10% then that is it. you CAN NOT go to 25% based on what you asked me and other share holders to vote on.
Regardless, I said NO to it.
adreamer
