Ann: Minbos Investor Presentation - Angola Rising, page-523

Thanks Chuk

The Placement shares will probably be issued next week, as Pedini89 said the 85m extra share on issue isn't that significant compared to the 791m present SOI.

Obviously the recipients of the Placement shares will vote to have the options issued - thats 85m out of 791m. You'd assume Shanghai Jason would vote no, even someone like Chuk would have to weigh up the extra dilution on his present holdings vs the free options. Non (previous) holding sophs would obviously vote yes. I can't think of any reason for any other shareholder to vote yes. Yes the company gets some cash when they're exercised, but thats not for another 2 years - by then even the company wouldn't want them to be exercised at such a cheap price simply to raise another ~ $6m

Much of the register is non institutional holders who generally can't be bothered to vote on these things. Maybe they'll need a bit of motivation when we vote, presumably at the May AGM.

Given most shareholders would not vote for the options to be issued, I wonder why they even included them, surely those participating would know there is no reason for shareholders to vote for it. Including the free option has just created angst probably for no reason.