Ann: Notice of Annual General Meeting/Proxy Form , page-6

re: Ann: Notice of Annual General Meeting/Pro... Yes RD, it did occur to me that if they issue 25% worth of new shares Mr Stokes gets diluted to below 50%.

But of course they wouldn't table the resolution at the AGM if they thought Stokes would vote against it, so I'm not sure what his plan would be to retain 50%+ of IOH if they were to issue so many new shares.

Unless of course Wroxby took up at least half of any new issue in which case the problem is solved and that could be the reason for increasing from 15% to 25%. Maybe they have someone willing to stump up to the value of 12.5% and they needed to offer Wroxby an equal amount?

Again, just thinking out loud. There must be a specific strategy in mind for increasing the facility from 15% to 25%, I have no idea what it might be.