I'm interested to note that the board are seeking approval as...

I'm interested to note that the board are seeking approval as per resolution 5 to make a placement up to 10% of the currently issued shares but have given no details as to what the placement is for!

My past experience is the board puts forward a proposal regarding what the placement is for then seeks approval from shareholders. I know it was mentioned "Earnings accretive acquisitions will be considered when the time is right" and "A capital raising will be considered in that context" but it does leave the board with the ability to raise up to 25% of issued capital without requiring any feedback from shareholders.

Also, I'm concerned it's referred to as a placement, does this mean shareholders will miss out?