Hi Latebloomer, The ASX has a listing rule (7.1) allowing...

Hi Latebloomer,

The ASX has a listing rule (7.1) allowing companies to raise capital by issuing up to 15% of their shares on issue without shareholder approval. So what most ASX listed companies do each year is ask for shareholder approval for any shares they have already issued under this listing rule. This is what PBT's resolution 3 is doing. The effect, if agreed by shareholders, is to reset the baseline number of shares to which the 15% applies, i.e. the extra 15% will apply from the current shares on issue, rather than from the number of shares on issue a year ago.

Small companies (those outside the ASX300 index - 300 of the largest ASX listed companies) have the option of asking for an extra 10% on top of the 15% described above, but only with shareholder approval to the facility in advance. That was resolution 4 that is no longer open to PBT.

I believe the ATM facility in the US uses the above capacity to issue additional shares.