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Captain Goodvybes

3,268 Posts.

477

06/05/15

10:56

Post #: 15225799
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Originally posted by Papertigger ↑

I am not sure that they've definitely hit the mkt. The coming GM asks us to ratify the 216 million shares that they issued...are they able to issue shares before we ratify them? What if we said no, does that annul the shares?

But we definitely have not yet seen the 184 million outside of the 15% of capital, that is an item for agreement at the coming GM

relevant stuff below; sorry my browswer and hot copper don't seem to be agreeing on cut and pasting...

PharmAust”) (ASX: PAA & PAAO) is pleased to report that
it has successfully raised $3.14million through the issue of
400 million new ordinary shares at $0.00785

The initial placement will be under PharmAust’s
existing placement capacity with the remainder to be placed
following a PharmAust shareholders meeting to be
held in the near future.
The raising was
oversubscribed

--------------
That, for the purpose of ASX Listing Rule 7.4 and for all other purposes, Shareholders
ratify the allotment and issue
of
216,000,000
Shares
on the terms and conditions set out
in the Explanatory Statement
accompanying this Notice
.”
Short Explanation:
The Company seeks approval to ratify the Shares issued
as tranche one of
the Placement
and refresh the Company's 15% placement capacity
under ASX Listing Rule 7.1
.
.

Expand

I'm not 100% sure papertiger, but I know companies have done share buy-backs in the case where shareholder approval has not been given for plus threshold placements. I don't know if this is the usual remedy, as it requires a punt on behalf of the company, or whether you are correct in saying they might be escrowed.
It is so rare that placements are not ratified

PAA Price at posting: 1.2¢ Sentiment: Buy Disclosure: Held
1 Upvote

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