123enen,Resolution 9 of the AGM reads as follows:RESOLUTION 9 –...

123enen,

Resolution 9 of the AGM reads as follows:

RESOLUTION 9 – APPROVAL OF 10% PLACEMENT FACILITY

"To consider and, if thought fit, to pass, with or without amendment, the following resolution as a special resolution: “That, pursuant to and in accordance with Listing Rule 7.1A and for all other purposes, Shareholders approve the issue of Equity Securities up to 10% of the issued capital of the Company (at the time of the issue) calculated in accordance with the formula prescribed in Listing Rule 7.1A.2 and on the terms and conditions in the Explanatory Statement.”

Voting Prohibition: The Company will disregard any votes cast on Resolution 9 by a person (and any associates of such a person) who may participate in the 10% Placement Facility and a person who might obtain a benefit, except a benefit solely in the capacity of a holder of Shares, if Resolution 9 is passed. However, the Company will not disregard a vote if it is cast by a person as a proxy for a person who is entitled to vote, in accordance with directors on the Proxy Form; or it is cast by the Chairman as proxy for a person who is entitled to vote, in accordance with a direction on the Proxy Form to vote as the proxy decides."


End of quotation.

To me, the way I can read that part, is that besides the 15% that they are entitled to issue at any given time between AGM's, they have also asked to be given the power to issue another 10% on top of the 15%. That is 25% then.

The resolutions were all being approved, did they not.??

As such, and IMO, those shares that will be issued (I.e 76,574,029) might not require and shareholders approval.

I think that the EGM will state that they will seek ratification for all of those shares, so that the meter can start ticking again and allow them to be issuing more shares. Most importantly though, GNR has stated that they will support any resolution that the Board will put forward.

What hope have we now got to stop it, especially when we have both WEG and GNR voting in favour of them.??