question re gm

I am inclined to vote yes to Resolution 1, and no to the remaining 4 resolutions at the GM on 8th May 2006.

Resolution 2 clearly states that shareholder approval is not being sought for the Renounceable Rights Issue - presumably just the option holder issue.

Remaining 3 resolutions are for option holder issue to directors.

I still don't see why option holders (including the directors) should benefit from the issue.

I believe this will mean that $2.25M less will be raised through the issue.

Does anyone have any thoughts / constructive comment regarding this matter? I would have thought that it may force another capital raising to existing shareholders instead?