Ann: Notice of Extraordinary General Meeting/Proxy Form, page-5

This is really poor form by Management.

As a rule that holds true 99% of the time: NEVER ratify a prior issue of shares by the Company. The ASX rules have limitations on the amount a company can dilute its shareholders every 12 months for a reason - so that Management have to explain themselves clearly when raising excessive amounts of money. Ratifying a prior issue of shares is likely giving a a signed blank cheque to a someone who has stolen from you and thinking "they'll do the right thing".

The other major issue with this is that rather than waste shareholder's funds and everyone's time they could have put all these 3 resolutions in the recent AGM. The main reason they wouldn't is because the AGMs attract the most attendance and scrutiny from shareholders. This is because they've given away excessive amounts of freebies to so called "advisors", and they clearly raised at a share price that was way lower than fair value.

Ask yourself - what type of organisation convinces the Company that 48 cents is fair value, and then a few weeks later (once they've brokered their easy money and taken a hefty commission) is saying the correct price is actually $1?? What has PIQ achieved in the space of 4 weeks that deserves a doubling in share price? NOTHING - the brokers knew they were underselling the company at 48 cents and now wants their freebies approved with a cheeky general meeting that goes unnoticed during the Australia Day holiday season.

Poor form.