My understanding is that the company cannot issue any further shares to raise operating capital, without an extraordinary meeting being held, as per ASX listing rules.
It is quite rare for this standard cap raise resolution to be voted down in my experience, and I was personally surprised that this resolution was voted down whilst Kieran was re-elected.
The AGM results are a significant shot across the bow from shareholders and will force management to make good on their word that any funds needed prior to construction will not require further dilution to shareholders.
Until the next AGM at least.
Another vote against the renumeration report next year will result in the board being spilled. All of them will face the music, excluding the Managing Director (happy to be corrected here if this is incorrect)
Let’s see how the board responds in the near term.
IMO Kieran should’ve been kindly asked by the CEO to leave when his company sold off millions of shares and I believe Keith should now be telling him to hand his notice in and actually show some leadership.
This board is now the ‘find out’ stage of F around and find out.
EMH Price at posting:
15.0¢ Sentiment: Sell Disclosure: Held
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