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08:19
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Originally posted by abw311
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From my point of view Resolution 3 is a very important Resolution which I believe shareholders should pay particular attention to."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" 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.
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Going to email the company today to get clarification on this resolution maybe they will back out again if enough SH express a concern about the 15% cap and the amount they are aloud to give out.
(20min delay)