From my point of view Resolution 3 is a very important...

From my point of view Resolution 3 is a very important Resolution which I believe shareholders should pay particular attention to.

Here's some clarification after reading the Explanatory Memorandum:

Resolution 3 DOES NOT RELATE TO PRIOR ISSUE OF SHARES/OPTIONS. It solely relates to the issue of options and performance rights in the future under the Employee Award Plan.

"The Company seeks such Shareholder approval pursuant to Resolution 3 to enable the Company to issue securities under the Employee Award Plan at any time within three years from the date of the Meeting (subject to the disclosure requirements of the Corporations Act and requirements of the Listing Rules), without requiring the further approval of Shareholders under Listing Rule 7.1 and without any securities issued under the Employee Award Plan counting towards the 15% limit referred to in Listing Rule 7.1"

This means that what the board wants to do is allow any further issue of options and performance rights under the Employee Award Plan for the next 3 years (from the date of voting) to NOT BE SUBJECT TO SHAREHOLDER APPROVAL and not included in the 15% limit of the number of shares on issue in any 12 month period not requiring shareholder approval. Currently the Employee Award Plan is subject to the below rule:

Listing Rule 7.1 restricts the number of securities which a listed company may issue in any 12 month period, without obtaining prior shareholder approval, to 15% of the number of shares on issue at the start of the period, subject to certain adjustments and permitted exceptions.

My interpretation of this is: if Resolution 3 is passed then the company can potentially issue as many securities as it likes to employees under the Employee Award Scheme without shareholder approval for the next 3 years from the voting date.

I'm not allowed to say which way people should vote on the resolution here, but I will be voting NO.