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Extracts
"[ MODIFICATION AND TERMINATION OF THE PLAN
7 Pioneer may modify or terminate the Plan at any time. Pioneer will notify ASX of any modification to, or termination of, the Plan. The omission to give notice of any modification to, or termination of, the Plan or the failure of ASX to receive such notice will not invalidate the modification or termination.
Without limiting the above, Pioneer may issue to any person fewer New Shares than the person applied for under the Plan if the issue of the New Shares applied for would contravene any applicable law or the Listing Rules.
8. OVERSUBSCRIPTION AND SCALE‐BACK
The maximum number of New Shares that may be issued pursuant to this Offer is approximately 71,428,571 New Shares to raise approximately $1,000,000 (before issue costs). The Company, however, reserves absolute discretion regarding the final amount raised under the Plan, subject to the ASX Listing Rules. In the event of an oversubscription by the Closing Date the Directors may, in their absolute discretion, scale‐back all applications
based on a “first in first served basis”. If the Company rejects or scales‐back an application or purported application, the Company will promptly return to the Shareholder the relevant excess application monies, without interest. ]"
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Those who end up with "First in first served" issues and those thinking the dilution wouldn't be too bad because they would be issuing a max 71,428,571 new shares haven't got a leg to stand on even though thats now blown out to approximately 312.3 million ......
holders will just have to suck it up and accept the BOD's arbitrary decisions.
IMO you guys should be acutely aware of this 30% hit via SPP and take it into account when voting @ AGM to allow the coy the ability to print an extra 10% (out side the 15% max) without holder approval and with votes to ratify the previous script that had been issued affectively resetting the 12month limit back up to 15%
....... because you are looking at what is a shed load of dilution
PIO Price at posting:
2.1¢ Sentiment: None Disclosure: Not Held
