placement facility, page-3

I agree it does seem strange and as zongo said is at odds with a share buyback. It actually concerns me a little. My biggest worry with tbr is how tightly held it is, and that perhaps not paying dividends could potentially be a deliberate strategy to undervalue the company and give some shareholders time to increase their stake in the company at great prices, and it will gradually become even more tightly held. If it was privatised for example it could be difficult for smaller shareholders to ever realise proper value.

While it is a well run company and exceptional value, as a small shareholder I do have concerns about getting full value in the future due to potentially conflicting interests of major shareholders. I'm inclined to vote against that resolution unless they can explain what the purpose is, and how it would be executed. Would this resolution give management the right to issue 25% more shares to their choice of sophisticated investors only, i.e. potentially massively increasing certain shareholders stake while diluting small shareholders? Hopefully that wouldn't happen, but I've learned the hard way to be very cynical of human nature.