I think you’re right but I just find the way they’ve stated this...

I think you’re right but I just find the way they’ve stated this to be a bit odd and still not entirely clear.

In any event, I’m not giving them my vote for this either as I think boards should - in all but very limited circumstances - be required to consult and obtain approval from existing shareholders before issuing a single new dilutive share to anybody. The days of directors being given carte blanche discretion to dole out equity in the name of flexibility, without first review and the agreement of current shareholders, should be swiftly brought to a close.

We can all play our part in ending these types of mandates by always voting them down whenever they are proposed. Just my opinion anyhow.