Ann: AGM Letter to GLN Shareholders, page-71

Can't really see a problem with any of this (proposed resolutions).

On face value, JP is simply proposing setting-up a means of raising capital quickly should it be needed.

Depending on the share price (VWAP at the time) the amount raised could range from say (at $2.00 VWAP) X 80% = $240 million TO (at $3.50 VWAP) X 80% = $420 million.

But 80% is the maximum discount (he might only need 15% for example) and 150 million shares is the maximum number of shares. Depending on what opportunities come up in the next 4 months (or 3 months from the AGM) will dictate how much might need to be raised (if any).

Purpose of these funds is intentionally non-specific (because JP doesn't know, or doesn't want to say).

What we can conclude is that he foresees the need to move FAST, and avoid protracted periods where the share price wallows waiting for raises to work through due process.

One thing is for sure, those performance shares won't get issued if JP doesn't use this ad-hoc fund raising mechanism wisely - I think that builds in the protections that we need.

This all hints that JP sees nothing but opportunity in this sector but also a need to move FAST.

Just my thoughts.