Hi guys. I don't own GGP shares yet but have GGP on my watch list and was even thinking at buying some this week. Just throwing this up as a reason for the ambiguous nature of the announcement.
A little while ago VIL needed more money and had just done a CR. However, another CR was not possible because (from the announcement - look at the 3rd paragraph):
On 2 February 2012 the Company announced the offer of 245,750,000 shares to raise new capital and on 14 February 2012 the issue of those shares was completed
Resolution 1 seeks ratification by shareholders pursuant to ASX Listing Rule 7.4 of this share issue.
Under ASX Listing Rule 7.1, a company may only issue a limited number of equity securities in any 12 month period. By issuing 245,750,000 shares the Company utilised its 15% placement capacity.
The Company wishes to restore its 15% placement capacity and accordingly under ASX Listing Rule 7.4, seeks subsequent shareholder approval for that prior share issue.
capital raising, page-19
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