Ann: Notice of Annual General Meeting/Proxy Form, page-8

It sounds like a new investor will take up some of the balance of the outstanding ATM shares - at least my guess, following the provision for pre approval at the AGM, by shareholders, of this so called .....PROPORTIONAL TAKEOVER.

See below, an example, which pretty much explains how a ASX proportional takeover may work - but in this case, the shares will come to the new investor, via a block sale, from the ATM. The example below allows for current shareholders to sell - but I think this time, the ATM will generate all the shares involved in the proportional takeover.

They have the ability to still raise about $25m from the ATM - (same as the total market cap of the company).....so any proportional takeover, to raise a decent amount of cash, may involve the sale of say 25 to 49% of the company.

I don't know - but something like this, is far better than the misery of on market selling - such as taken place with the current format of the ATM. Guessing again - but because the incoming investor will hold much more than the usual max of 19.9%  - the transaction is conducted under proportional takeover rules - and not a placement as such, which we are more familiar with.

Guess if I will be voting yes or NO, for grant of the new CEO options at the AGM.

They have a hide to suggest so many new options for the CEO  (3.5 million)........so I am thinking that the CEO has ACTUALLY nailed down a premier new investor. It won't be bigPharma, but how about one of those big US hospitals, who work with our drug. Such a deal would not at all be unusual these days with those large US hospital, research institutions. That would be fantastic - however genuine back slapping foR the CEO......believe only if it happens. But sort of - could explain such a generous offer - news could probably unfold, just prior to the AGM

Hopeless trying to do a deal with even Japan big Pharma - when the whole worth of your company, is peanuts. So a big name investing into KZA, even at these beaten down levels , could be something good at least.  Around the corner, soon and prior to the AGM likely.


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Update - Proportional Takeover In Respect of the Ordinary Shares in Mareterram Limited ASX code: MTM
What's this about:

• ASX MARKET
  
• Notice reference number: 0650.16.06

Date published: 08/06/16

Effective as of: 08/06/16

Last updated: 06/07/16
This Notice is being issued to provide Participants with further information in relation to the bid and details the acceptance process through CHESS
"Please be advised Sea Harvest's proportional bid will remain open until 5pm (AWST) on 22 July 2016."

On 23 May 2016, Sea Harvest International Proprietary Limited lodged a Bidder’s Statement with ASX in connection with a proportional takeover bid offering to acquire 50% of each shareholder’s holding of ordinary shares in Mareterram Limited, other than shares already held by Sea Harvest (“Proportional Bid” or "offer").

Acceptance of the Proportional Bid in CHESS must be effected in such a way that Sea Harvest acquires not more or less than 50% of each holding of ordinary shares in MTM (other than Sea Harvest's own holding of ordinary shares in MTM).
The following processes have been implemented to facilitate those shareholders who wish to accept 50% of their ordinary MTM shares into the Proportional Bid and on-sell part or all of the remaining balance. It should be noted that a buyer of all or part of the remaining balance cannot accept the Proportional Bid in respect of that purchase.  Alternatively, shareholders may wish to sell their MTM shares prior to acceptance, allowing the buyer to accept the Proportional Bid.