Ann: Letter to Shareholders & Notice of Annual General Meeting, page-202

I'm struggling to understand the twists and turns here. So how about this summary ...

Directors not exercising (very) cheap options. (Tax issues they said.)
Directors selling heads on market. (Estate planning or similar they said.)
Restructuring of the company's payout schedule in the case of a sale event with (performance) sales fees coming out first (sales bonus pool) in that event. (Sales price less 5-7.5% allocated to the sales bonus pool)

and now

If I'm reading it right.
If Resolution 4 is passed, the Company will be able to issue Equity Securities up to
the combined 25% limit in Listing Rules 7.1 and 7.1A without any further Shareholder
approval.
They want to be able to raise an extra 10% to 25%, from 15% currently.

So this is the main financial decision for the AGM.

Possible conclusion ... they know they have a saleable asset to a known entity who want a 25% holding in return for funding the further development which, if successful, would value those shares higher.

Take on the funding:research risk, receive the reward.

And further dilution of the shareholder base as the development is a long way from completed.

Sounds logical and I expect not too bad for shareholders if the new 25% partner achieves the outcome people seek

BUT

It might be the first of further dilution via similar 25% "chomps" if the development continues on beyond the initial 25% equity budget ... in fact that's possibly the new shareholders strategy. Who would know.

Seems you are all in that bus, who's driving?