I think the change that is being made to the rules around increasing the percentage of shares which can be issued without shareholders approval could potentially be more painful for us. the 10% that the resolution seeks to approve would be in addition to the existing 15% that is already a part of the ASX listing rules.
the combination of these two will allow issue of new shares equivalent to 25% of total shares without shareholder approval. I think this will be Kerogen's debt for equity move. if the debt is extinguished that that is ok however the downside for us is that they will do this at a time that suits them when they can see that Cuadrilla is moving forward and more than likely at a time when we can't see what is happening
AJL Price at posting:
10.5¢ Sentiment: Hold Disclosure: Held
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