Ann: Notice of Annual General Meeting/Proxy Form, page-17

Rare is  the public company that is free of manipulation and - trust it or not - RCF has a better reputation than many of the large funds.

The big talk here  has been to try to gather 25% of votes so as to  hijack the merger proposal yet on November 27 - in around three weeks - majority votes will either pass power to management to place new shares up to 10% of current quantity or not.

As i see it TMT wants permission to  issue more than  25 million extra  shares (on top of the ~5.5% it has left in its ‘kitty’   at prices that - considering current price action - may be well under 20c each :



It’s not unusual for big supporters to get sweeter deals.

And if the new extra 10% placement resolution is rejected it seems TMT can still issue  around 6% of new shares without shareholder permission, if it so  chooses.
(It’s only used up 9.21% of its’ 15% allowance in the last 12 months:




Based on a placement potential of even 5% (if the resolution to issue new shares is rejected) at at a discount to current prices, that is a sweet deal  for all investors who have supported the company in the past and any new ones.

RCF seems to have self restricted by way of never going above a shareholding above 19%? (Or whatever the legal limit prior to announcing takeover intentions is?)

So I think making it out as a villain  based on that evidence is a bit silly.
But Regal and Tribeca who supported the last placement ( at 28c with no discount?) are currently under water and have publicly stated they want the merger and will offer more support when the way is clear so I guess they would put their hands up for a cheap placement?

Otherwise what?

cheers