I would say zero legal case (although I am not a lawyer). By having the EGM and a vote they are conforming with Corporate law. If a majority vote in favour then it is legit. I am not sure how it would be in our interests to cost them heaps of money defending a legal case anyway!
I have bought another 300,000 on market since the CR was announced, so have topped up as much as I want and now let the management spend their energies growing the company .......
I see it as a positive to have Institutions on the register and would they have been able to raise that much money from the plebs like us - doubt it. Not unsympathetic as I was miffed to have my $15,000 rejected but have to look at the big picture.
Ann: Share Purchase Plan Oversubscribed, page-34
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