Thanks for your reply @oxxa23I read an ASX guidance note...

Thanks for your reply @oxxa23

I read an ASX guidance note regarding rule 7.1 and 7.1a. The guidance note states that a non ASX300 company with market cap < $300M can only issue securities via a Share Placement for up to 15% of its total shares on issue once every 12 months. If the company wishes to use an additional 10% capacity under clause 7.1A it would need to put a resolution to a vote at the AGM. (It doesnt mention anywhere in the guidance note re an EGM?)

The guidance note spells out that pro rata share issues including Rights Issues, Retail Entitlements, DRPs and SPPs etc are excluded from the 15% cap rule given that these issues give all shareholders the opportunity to participate and are less dilutive to an individuals % holdings.

Unless my interpretation of the rule is incorrect in summary this means PAR can issue potentially issue approx. 34M shares via an Institutional Placement and if they wish to issue additional shares via a placement beyond the 15% (up to an additional 10% using rule 7.1A) they would need to take it to a vote at the AGM.

In the event that we do have to raise I am hoping and expecting that the company will announce a Institutional Placement and a pro rata Retail Entitlement (as they did in 2019) and all shareholders get the opportunity to participate and protect their % holdings.