Simon
I don't like it - it allows Management to be undisciplined with Capital.
I think it is normal for 5% capital to be issued without approval but 10% is pushing it too far.
Why dont they do what most other competent execs do and plan their capital requirements for the next 18 months and organise a large cap raise to see them through.
Any future cap raises should be offered to all existing shareholders to ensure everyone can maintain their position.
Annual General Meeting, page-7
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