I always hate these scenarios, yes shareholders would be mad to...

I always hate these scenarios, yes shareholders would be mad to vote against the proposal. Why is it in scenarios like this voting for a proposal is pretty much the only alternative? Why let things get to this point?

Why is it that NFL is incapable of breaking even on the refining of crude glycerine? Why can't the delay the completion of the biodiesel trains at the Singapore plant?

I'm still pouring over the EGM notice, I'm taking it slowly to try and avoid anything of significance and so far the main positive I have found is that this proposal should ensure access to feedstock, in particular jatropha, via the Risjadson Group.

Of concern to me is the scope for huge dilution of existing holdings by the time we allow for this proposal plus the conversion of the convertible bonds, plus that the refining of glycerine won't even cover all the fixed costs, also this is a short to medium term fix so there's no guarantees NFL won't have to go back to the market for more funds down the track.

Lastly (so far) is that there appears to be no restrictions on the sale of any of the new shares, no escrow period once the deal goes through. This opens the potential for a huge overhang thus depressing the share price for the forseeable future.