http://hotcopper.com.au/threads/ann-notice-of-general-meeting-proxy-form.2631414/
I will be attending the Extraordinary General Meeting in December to block resolutions 2 to 11
I have outlined how I will be voting, and my reasons below.
Resolutions 2 to 11 are not in the interest of the majority of shareholders and will result in your holding being massively diluted for little gain.
This is just the beginning, our board has proven they cant be trusted and after resolutions 2 to 11 have been blocked I will lobby to have them all removed.
If you are unable to attend the meeting in person, please add your shares to mine and i will vote as your proxy.
I can be contacted privately and confidentially on
[email protected]
Resolution 1: Ratify previous Share Issue
My Vote: For
My Reason: We have spent the money raised paying off bergen and funding drilling. If this were overturned we would go bust.
Resolutions 2 - 8: Issue of Shares and Unlisted Options to Directors
My Vote: Against
My Reason:
Issuing shares and options to company directors for nil consideration is remuneration. Remuneration should be voted on at the AGM. There is no reason to call an Extraordinary General Meeting (at considerable cost) to vote on resolutions to give away part of our company just before the value of the company is realised.
Also, the strike price of the options are less than the intrinsic value of the shares. these options arent an incentive, they are remuneration.
these shares and options have a three month settlement period, during this time I expect the results of recent drilling will be published and the company will re-rate.
Resolutions 9-10: Issue of Unlisted Options to Company Secretaries
My Vote: Against
My Reason: as for 2-8
Resolution 11: Issue of Securities to Sophisticated and Professional Investors
My Vote: Against
My Reason: We do not need to raise further capital right now. We have 200k in the bank which is enough to tide us over until the drilling results are released to the market.
The company wants to issue $500k worth of shares at all time lows right on the eve of drilling results.
