Ann: Company Update / Placement, page-5

Im perplexed by this move.
I understand that resolution 4 failed to pass?

RESOLUTION 4 – APPROVAL OF 10% PLACEMENT FACILITY
To consider and, if thought fit, pass the following resolution as a special resolution:
"That, for the purposes of Listing Rule 7.1A and for all other purposes, approval is given for the issue of Equity Securities totalling up to 10% of the issued capital of the Company (at the time of the issue) calculated in accordance with the formula prescribed in Listing Rule 7.1A.2 and on the terms and conditions in the Explanatory Statement."
Voting Exclusion: The Company will disregard any votes cast on this Resolution by a person and any of their associates who may participate in the 10% placement facility and a person who might obtain a benefit, except a benefit solely in the capacity of a Shareholder, if this Resolution is passed. However, the Company need not disregard a vote if it is cast by a person as a proxy for a person who is entitled to vote in accordance with the directions on the Proxy Form, or, it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the Proxy Form to vote as the proxy decides.

Results of meeting announcement 30/11/16
Resolution 4 – defeated - Resolution 4 was a special resolution and required approval of 75% of the votes cast by Shareholders present and eligible to vote (in person, by proxy, by attorney or, in the case of a corporate Shareholder, by a corporate representative).

I think this move is good for holders,  just not understand the mechanics. Is holder approval needed?
Happy to learn.