guys - one thing has been in the back of my mind for a couple of...

guys - one thing has been in the back of my mind for a couple of weeks now and that is to do with Resolution 1.

This from the NOTICE OF GENERAL MEETING AND EXPLANATORY MEMORANDUM TO SHAREHOLDERS form -

" RESOLUTION 1 – RATIFICATION OF THE ISSUE OF 124,979,332 SHARES AND 137,763,999 OPTIONS
TO SOPHISTICATED, PROFESSIONAL AND OTHER INVESTORS -

Under Listing Rule 7.1, the Company is permitted to issue securities which represent up to 15% of the Company's equity securities on issue within any 12 month period without needing to obtain Shareholder approval. Whilst Shareholder approval for the issue of the Shares and Options was not required at the time of the issue, the effect of the issue is to reduce the Company’s capacity to issue additional equity securities in the future without Shareholder approval.

The Company wishes to seek Shareholder ratification of the issue of the Shares and Options, the subject of Resolution 1 for the purposes of Listing Rule 7.4 in order to renew the Company’s capacity to issue up to 15% of the equity securities of the Company on issue in the next 12 month period without requiring Shareholder approval.

What?????

SG stated that this CR would be the last as we would be self funded going forward!!

Anybody read this differently??




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