So, after reading most of the 74 pages, plenty of fluff, in summary of significance it's approving Richard White's >20% and the shares issued at $0.04482 to fund TheBrag acquisition + some working capital. Given the economic environment, it seems reasonable, he got a good deal, good timing, but we all win;
RESOLUTION 1
David Rickert (Vampr guy) was approved to have 8mil shares as part of the Vampr transaction, but due to changes in the US$ exchange rate the amount ended up 8,269,185 - so this is just to approve the extra 269,185. I will note David entered voluntary escrow until 30 June 2024. - YES
https://hotcopper.com.au/threads/ann-update-proposed-issue-of-securities-vnl.7785616/RESOLUTION 2
We acquired TheBrag for $8mil, with a further $2mil payable if they achieve between $2mil - $2.8mil EBITDA on sliding scale, win / win.
This resolution is for 90,240,674 placement shares issued to Richard W at $0.04482 ($4,044,587) to fund the deal. Whilst I'd have preferred to have seen the issue price higher, it's standard discount to VWAP, thus the best vote outcome is - YES
RESOLUTION 3
This is the approval of a $6,955,413 convertible note, to fund TheBrag acquisition / working capital. It carries interest of BBSY (Bank Bill Swap Rate, typo in this ann I think as BBBY) + 6%. As I understand, this interest is waived, a zero interest note if resolution 4 is approved "within 60 days", which is a nice gesture for a "controlling interest" (>20%). That's like a $700k savings per annum. - YES
RESOLUTION 4
This resolution is about giving a "controlling interest" to Realwise, as they'll attain 34.47% of issued shares. This is Richard backing VNL. - YES
There maybe some concern around incentives with Songtradr's investment in VNL combined with Richard's. But given Richard will own 34.47% of VNL, and based on what I can find would own a lot less of Songtradr, the incentive there from Richard's point of view would be for VNL to be a success. Whilst Richard has got a sweet deal, yet reasonable, it's great to have him on board. Yes to all for me and thankyou to Richard for his support.
(20min delay)