Ann: Notice of Annual General Meeting/Proxy Form, page-11

I finally got around to looking at this notice of meeting in more detail. Ye Gods... what an absolute disaster for shareholders! The company is starting with 251 million shares, issuing 834 million new shares, to a total of over a billion shares before consolidation:


In addition, several of these resolutions seem likely to trigger immediate insolvency if they are not passed:

• Resolution 3 has to pass, or the latest capital raising money has to be repaid.
• Resolutions 4, 5, 6 must pass or NGS is likely to be in breach of the loan contracts, and the creditors could be entitled to initiate action to recover their money.
• Resolution 9 must pass because the company has rocketed past their limit of 500 million issued shares, meaning that most of the new shares could not be issued even if resolutions 3 to 6 all pass, with similar consequences to failure of those resolutions.

It seems that those who are still holders on voting day must choose the form of their destructor: the board, or the liquidators.