General Meeting Resolutions - Update
Friday, 13 April 2012: Environmental Clean Technologies Limited (ECT or Company and ASX
code: ESI) advises the Directors have reviewed the proposed resolutions to be put before
shareholders at the General Meeting to be held on 27 April 2012.
• Resolution 1 (Ratification of prior issue of Shares and Options) will proceed with the
Directors’ recommendation that shareholders vote in favour of Resolution 1.
• Resolution 2 (Approval for the issue of up to 67.5 million Shares at 0.6¢ and 33.75 million
listed Options for nil consideration) will be withdrawn as not being in the interests of shareholders
to proceed with this placement following the substantial rise in the Company’s share price.
• Resolution 3 (Approval for the issue of up to 79.2 million Shares at 0.6¢ and 39.6 million
listed Options for nil consideration to Mr Kirwan) will continue to be put to shareholders because it
is understood the Company has a legal obligation to request shareholder approval for this
placement. The Directors continue to make no recommendation in respect of Resolution 3.
• Resolution 4 (Approval for the issue of up to 300 million Shares at 1.3¢ and 300 million
listed Options for nil consideration to Monash Capital) will proceed with the Directors’
recommendation that shareholders vote in favour of Resolution 4.
• Resolution 5 (Approval of the issue of a Convertible Note to repay a Converting Loan made
by Menzies Securities to the Company) will proceed with the Directors’ recommendation that
shareholders vote in favour of Resolution 5. If Resolution 1 (Ratification of prior issue of Shares
and Options) is approved by shareholders and shareholders do not support Resolution 5 then
under the terms of the Converting Loan the Company will still be obliged to issue the Convertible
Note, if called upon by Menzies Securities, but such an issue will reduce the Company’s capacity
to place further securities under ASX Listing Rule 7.1 (The 15% limitation on placements of
securities without explicit shareholder approval). Any securities issued to Menzies Securities as a
result of the conversion of the Convertible Note, if issued, will be subject to a twelve month escrow
period from the date of issue of the securities.
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Mkt cap ! $6.343M |
Open | High | Low | Value | Volume |
0.2¢ | 0.2¢ | 0.2¢ | $3 | 1.659K |
Buyers (Bids)
No. | Vol. | Price($) |
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56 | 30794536 | 0.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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0.3¢ | 15440973 | 25 |
View Market Depth
No. | Vol. | Price($) |
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56 | 30794536 | 0.002 |
30 | 41986532 | 0.001 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
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0.003 | 15440973 | 25 |
0.004 | 5736852 | 8 |
0.005 | 3716859 | 24 |
0.006 | 5155234 | 9 |
0.007 | 918333 | 2 |
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