'Approval needs to be sought under Listing Rule 7.2 Exception...

'Approval needs to be sought under Listing Rule 7.2 Exception 9(b) which provides an exemption from Listing Rule 7.1 15% annual limit on securities issued under an employee share incentive scheme provided, within 3 years before the date of issue, shareholders have approved the issue of securities under the plan. In the absence of such approval, the issue can still occur but is counted as part of the Listing Rule 7.1 15% limit which would otherwise apply during a 12 month period.'

So it reads that even if they don't get Shareholder approval, they can still issue and count the approval under the 15% facility. Jase, you need to peruse with a fine-toothed comb as I am getting another uneasy feeling about this one.