This raising was planned way back. At the AGM he gained approval to issue up to 25% new capital ( instead of the allowable 15% ) without going to shareholders again. It is obvious that MD has been withholding information to shareholders and rowing his own boat. I am disgusted with the contempt he has shown for shareholders who are financing his devious games.
Also at the AGM he "hinted " that something was happening in Uganda without any specific detail.This project was virtually a signed deal in August 2012.
If you look at the history of MD, it has always been to have others finance his position , and move on to new projects without the burden of development.( i.e. Panorama,Woodline, Ashburton.Even Enigma was to be financed by a malaysian company before they pulled out.
It really is time he stopped protecting his own arse and did something for shareholders.
not happy, page-5
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