same discussion over and over..., page-5

thisisjamo. Yes you clearly have misread the resolution. More correctly you have only read the opening statement and not checked the Explanatory Memorandum attached thereto. A little knowledge is a dangerous thing.

At the risk of oversupply of information the below is offered as explanation. It seems to be the only way to show you what you should have researched. The highlighted italics are mine to highlight the peertinent section of concern.


Resolutions 1 – Ratification of issue of Placement Shares
On 28 February and 1 March 2013 the Company issued a number of Placement Shares to various allottees following the completion of its equity raising required as a condition to the debt facilities required for the funding of the construction and launch of the Jabiru-1 satellite. Details of these issues of Placement Shares are set out in the table in Schedule 1 of this Explanatory Memorandum.
Listing Rule 7.1 provides that a company must not issue equity securities, or agree to issue equity securities (which includes shares and warrants), without the approval of shareholders if the number of equity securities to be issued in any 12 month period (including equity securities issued on the exercise of any convertible securities) exceeds 15% of the issued capital of the company preceding the issue. At the Company’s most recent Annual
General Meeting on 29 November 2012, shareholders approved the Company to have an additional 10% placement capacity pursuant to Listing Rule 7.1A.
Listing Rule 7.4 allows for subsequent shareholder approval, so that an issue is treated as having been made with shareholder approval if the company did not breach Listing Rule 7.1 or 7.1A at the time of the issue and the holders of ordinary shares subsequently approve it.
In issuing the Placement Shares, the Company did not breach Listing Rule 7.1 or 7.1A.
Although Shareholder approval was not required for the issue of the Placement Shares, the Company now seeks Shareholder approval of these issues in the manner provided by Listing Rule 7.4, because this will
enable the Company to issue further equity securities to capitalise on future expansion, acquisition and product commercialisation opportunities without needing to obtain prior Shareholder approval, if required.

As this wording caused concern to a number of holders I contacted Newsat for clarification

[which BTW you are always welcome to do if you are unsure of anything] and received the following answer:-

Dear XXXXX,

Thank you for your email. The answer to your question is below:

Listing Rule 7.1 permits the company to issue shares up to such number as equals 15% of the shares on issue (the Rule contains a formula to determine this)

If the company issues share within this number and subsequently obtains shareholder approval to these issues the ability to issue shares up to the 15% is refreshed and the company has the power issue more shares within this limit.

By shareholders approving the issues of shares already made, you are correct the company then has the power to issue new shares.

[again the highlights are mine]

Resolutions 2 & 3 you can look at more closely for yourself. The above is only to show that posts such as your DEAL WITH IT..... etc. should only be made once sure of, and having fully checked the facts first. A number of persons here have the knowledge insight, and contacts to be able to post authoritatively here [I don't count myself among their higher levels] and as such are able to pass on what they BELIEVE to be the situation and much can be gleaned from their posts.