There are three clear reasons for the shareholder meeting:
1. Approve the issue of options to APP and Patersons in accordance with their mandates for raising funds under the re-compliance raising (i.e. the $3 million we raised in December/January). This was disclosed in our prospectus and we only need shareholder approval now because of the historical breach of the Listing Rules that has taken away our 15% placement capacity.
2. Approve the issue of performance rights to key personal/management. This is just so we have the ability to issue equity compensation to key consultants/employees to attract and retain them.
3. Approve a placement (only if required). We do not need these funds at present but want to maintain the flexibility to raise funds should a really good opportunity present itself. Either way, I would not want to raise funds at less than $0.05 so we have some work to do before an equity raising would ever be contemplated.
Pete
Column 1 Column 2 Column 3 Column 4 Column 5 0 Regards
Peter Wall
Partner
Level 4, The Read Buildings, 16 Milligan Street, Perth WA 6000 Australia1 Tel: +61 8 9321 4000 Fax: +61 8 9321 4333 Mob: 0403 065 957 Email: [email protected] www.steinpag.com.au 2 Skype: peterwall1976
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