Standard clause in case something big or a great opportunity comes along... I have seen this in about five of my stocks' annual reports of late..
Can also be there as a worst case fallback scenario...
Todd is a major shareholder and will not be interested in any non beneficial capital raise/ merger etc... also, related parties of the company are excluded...so you would assume this means management...
It says no lower than 75%, but, if it's allowing for a worst case scenario, with a declining share price you have to allow discounting or you won't raise capital...
Plus, it doesn't say they won't raise at a premium if everything was going well and a great opportunity presented itself...
Wouldn't limit the upside, but have to limit the downside, which is the 75%...
Add to My Watchlist
What is My Watchlist?