Asking sh for approval of 10% over and above the 15% that gets triggered each year is a standard for a lot of companies and its what you DO with it thats the important consideration. Having it go to WORKING Capital is the killer. Having it go to infrastructure and expansion is GROWTH and a positive. So you would need to ask do I trust/believe management to use this in an expansionary way, which I do, or to feather their on nest in wages etc... their history is for the former.
Coppa you do realise they are playing with the big boys (and girls) now and have played so far the best outcome for shareholders. I don't know why people get hung up on the number of shares on NSL books. Its far easier to have a hostile takeover when you have a tight registry and alternatively harder when you have a lot of shares in many different hands.
Expansion comes in three ways for companies, debt, equity or a combination of these.
Coppa you fail to mention share buy back as an option to your consolidation but that is whole different set of economic considerations.
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