reading the outcome of the GM on 22 Dec 2010, It seems instos are too clever for their own benefits. If the share prices went above 32c, they will not hesitate to take up the placement.
RESOLUTION 2 - APPROVAL OF THE ISSUE OF SHARES To consider, and if thought fit, pass the following Resolution as an ordinary resolution: ?That, for the purposes of ASX Listing Rule 7.1 and all other purposes, the issue and allotment by the Company of a total of 17,330,000 fully paid ordinary shares in the capital of the Company at 32 cents per share to a number of placees, on the terms and conditions set out in the Explanatory Memorandum accompanying the notice of this meeting, is approved.?
Result of the general meeting on 22 Dec 2010. http://www.hotcopper.com.au/asx_announcements.asp?id=253730
Resolution 2 ? Approval of Issue of new shares: Immediately prior to the meeting the Company received formal notification from Patersons Securities Limited exercising its right to terminate its obligations under the Mandate, which provided that ?if at any time, before settlement of the Placement, the price of Western Desert Resources Limited ordinary fully paid shares traded on the ASX (code ?WDR?) is lower than the issue price of the Placement?.
In the circumstances the Directors determined that Resolution 2 would not be put to shareholders. It was noted that proxy voting was in favour of the resolution
WDR Price at posting:
29.4¢ Sentiment: LT Buy Disclosure: Held
