AN1 shareholders and others were/are entitled to an explanation,...

AN1 shareholders and others were/are entitled to an explanation, but have been denied this right, for the issue of a substantial number of shares to HNG, its associated companies, directors of HNG and directors of AN1.

However the “Explanatory Statement “ commencing on page 8 of the “Notice of Extraordinary General Meeting/ Explanatory Statement /Proxy Form” fails to mention and explanation, reason, formula or basis of entitlement for the generous share allotments to this selected cohort we are asked to vote on.

We can assume that share capital raised from the allotments is a consequence of the issue but that’s no explanation for either ASX or Corporations Law requirements.

Please explain Matthew Dudek, Company Secretary.