Make sure you take a look at resolution 8 for the AGM, I...

Make sure you take a look at resolution 8 for the AGM, I encourage all of you to send in your vote or attend the AGM regardless of your position on the issue.

Resolution 8 is basically a blank check to raise 15% equity above and beyond the normal 10%. So if we think about it the company has ~40m in cash and they have the ability to raise another 30m in any given year with the market cap at ~300m under standard rules. They are asking us for blind permission to raise another theoretical 45M on top of the 30M or get to a total of ~115M in cash.


If you vote no to this provision, it will force management to ask the shareholders for the funds when they actually have a known purpose. So to be very clear it doesn't limit their ability to grow it forces a governance check when they decide it is proper strategy. In addition, it might help us make management allow us access to the equity placement instead of going overseas to raise the funds.

I really keen to hear others opinions as perhaps I am not viewing this with an open mind. I will now definitely attend the AGM and look to understand why they would raise this provision given their current cash position and partnerships in place.