FFX 0.00% 20.0¢ firefinch limited

Ann: Notice of General Meeting, page-4

  1. 6,814 Posts.
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    What part is a technical "Stuff up"?

    Read the whole announcement, the placement shares issued were under Listing Rule 7.1 ~ the company's 15% capacity and didn't need share holder approval.
    Why is the company now seeking share holder approval (ratifying the shares issued)?
    ~ It removes those shares issued (117m) from the 15% capacity, as they will be deemed as being approved under Listing Rule 7.1, they want to retain the the flexibility to be able to issue shares without shareholder approval.

    From memory, the 15% capacity rule will be reset from the date of issue of those 117m shares, being July 1st.

    Ahhh, the quandary of it all ......
    ~ I have no doubt that this will successful, but what the heck ~ I need to work out (only for my understanding) how much capacity is left under the 15%, but basically because the company needs to have some ability to issue shares for any future placements without shareholder approval even if it is only a partial amount of shares they can issue (under the 15%) with the balance then needing approval.

    ~ A bit like, the company need funds, they engage "whoever as long as it is NOT Euroz/Hartleys" it would be extremely difficult to get commitments to a placement that ALL SHARES issued needed shareholder approval versus the investors get 1/2 now and the balance released when approved?

    cheers







 
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