Last years AGM had 4 resolutions very similar to the resolutions in yesterday’s AGM, namely the remuneration report, election of 2 Directors and approval of 7.1A mandate which is the discretion to issue 10% more shares in a placement.
Last year for the 2 Directors there were 63m votes (59m for) for each resolution, the remuneration had 40m, and 7.1A had 60m (56m for).
The Chinese syndicate have about 98.5m shares, so they didn’t vote, or at least didn’t vote with all their shares.
Yesterday’s AGM had 250m & 255m votes for the 2 Directors, 214m for the remuneration & 255m for 7.1A
I’d say the big difference in the number of votes was that the Chinese Syndicate voted this time.
Also they voted as the company wanted them to.
I’d hazard a guess they will also vote at the upcoming GM with regard to the issue of the options.
Whichever way they vote will most likely determine the outcome.
It is not in their interest to be diluted by the options, however they seem to have voted as the company wanted in the last AGM.
I did hope they wouldn’t vote, like they didn’t in the 2023 AGM.
