Ann: Notice of General Meeting/Proxy Form, page-3

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Birchcorp

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19/12/22

00:04

Post #: 65360444
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Originally posted by bigblackbear: ↑

OK, I'm being deadset serious here.
We as shareholders need to think seriously about the two resolutions in the EGM on Jan 18th 2023.
We need to have a serious discussion about the pros & cons about Voting For or Against the two resolutions.
In fact IMHO.......
Voting NO to Resolution 1
Voting YES to Resolution 2.
I implore shareholders to read the two resolutions and figure out where I might be coming from.
My gut and head are telling me that voting this way is the best outcome for (in particular) Retail shareholders and the non-wholesale/soph investor.
We need to send a message to our BODs telling them that ARU has reached a maturity/time in its life, that all future Capital Raises need to be Renounceable Entitlements/Rights Issue that treats ALL Shareholders therefore EQUALLY.
By voting down Res 1, we are not replenishing the Boards ability to just go off (at any time they like) to the Brokers (eg Cannacord, Bell Potter) and do a Placement at some ++discounted rate, to individuals who have never even been on the Share Registry of ARU.
They would be limited, and need Shareholder approval to issue new shares, and that is our opportunity then to push for a fairer issuing of new shares via an Entitlement/Rights Issue.

Voting NO to resolution 1 does NOT STOP the shares being issued that has already happened (money is in ARUs bank account), but it does put a handbrake on the Board/Managements ability to just do it all over again, and only throw a pittance at Retail Shareholders with a vastly underfunded SPP. This upcoming SPP will be vastly oversubscribed, I'm talking 3 to 4 fold ($35-50mil).
Unfortunately I cannot see the Board expanding the SPP $12mil limit by much at all, maybe to $15mil max.

Voting YES to Res 2 will allow Hancock Prospecting the $17mil of shares and also not affect the 15% placement rule. Yes we want GR on board and not to piss her off, so vote YES to Res2. If she wants more shares in this next 12 months, she gonna have to buy On-Market (like the rest of us) or hopefully lend ARU the money and our BOD can hopefully limit how much of that debt might convert to Equity (and hopefully at a much higher SP than even a future Placement).

I am also told that the SPP will definitely stay open til 30th Dec due mainly to the time of year and the number of Public Holidays in that 15 day period (min 2 possibly 3 PHs). Also it makes sense for Management as who would want to be "working" (ie sorting out scaleback in the 5 business days after SPP closes as per ASX Listing Rule....I forgot the number)

I am a realist and know all too well that Retail holders do not have the voting power to get this across the line (50.1% NO) however if we can get even 15-20% it will send a message/signal to the BOD that Retail Shareholders need to be treated fairly/equally and not ignored/diluted for the BEOT (all the time).

I have sent an email to the BOD requesting that all future CRs be no longer Placements but fair/equal access Entitlement Issues.

Let me know what you think. I am working fulltime so don't get alot of time to be on HC so feel free to discuss without me. Go gentle ppl, and keep it clean.

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Hallelujah!!!

ARU Price at posting: 51.5¢ Sentiment: Buy Disclosure: Held
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Last 15.8¢		Change -0.003(1.56%)		Mkt cap ! $383.8M

Open	High	Low	Value	Volume
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Price($)	Vol.	No.
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