china invests big in broo, page-18

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Whynot50

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04/12/17

10:56

Post #: 29342129
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Originally posted by Farnarkling ↑

To be clear, I have nothing to do with BrewsNews, nor James, although I do read his work.

Regarding a capital raising, the AGM agenda clearly had approval of some additional share issue capacity, and was subsequently withdrawn on 29 November. Announcement text below.

"The Board advise that Resolution 3, approval of additional 10% placement capacity under ASX Listing Rule 7.1A, has been withdrawn as an item of business at the AGM. The additional 10% placement capacity under ASX Listing Rule 7.1A will not be required by the Company in the next 12 months."

So why would you seek capacity if you had not intention of using it to issue the shares and raise some cash?

Not that it matters anyway, but again very odd behaviour to put forward a resolution, then withdraw it so quickly. One can only assume they found another means of funding cash requirements, as it's clear the resolution would have passed given the weight of Kent's shareholding.

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I wouldn't want to be associated with sloppy work either.

I don't know the reasoning behind it.

The Mildura Brewery has been fully operational since October so depending on payment terms, I assume money would be rolling in now or shortly, hence no need for cr.

Broo's focus is now on continuing discussions with other international markets and expansion domestically.

BEE Price at posting: 29.5¢ Sentiment: Buy Disclosure: Held
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