It will be interesting to see how Anitua vote having just invested $5 million in the company and now faces the prospect of having their investment significantly diluted through the issue of 180 million performance rights and 357 million options, not to mention the general discretionary mandate for directors "to issue further unissued shares in the capital of the Company at any time to such persons, and upon such terms and conditions and for such purposes as the Directors may in their absolute discretion deem fit, and that such authority shall continue to be in force until the conclusion of the next Annual General meeting of the Company".
So much for the funding negotiations portrayed in their ASX announcement of 24 Nov 14. Why are all these resolutions being put to shareholders now, in advance of the appeal outcome and the release of meaningful information about the economics of the project? Why is AVQ allowed to have only 2 directors? Why aren't any of the 2 directors up for re-election as is customary for other ASX-listed companies? I don't understand this company at all.
AVQ Price at posting:
1.2¢ Sentiment: None Disclosure: Held
