Legals, I am trying to politely point you in the right direction as I feel you sometimes get undeserved stick. But on this you are 100% wrong!!!
Vog are asking to be able to issue shares upto a nominal amount of £6.5millions. There is no indication of when or if they might issue shares, or at what price they might issue shares. If the price fell to 0.1p they would have the authority to issue 10.3billion shares, if the price rose to 10p they could only issue 103million. It is the monetary figure of £6.5m that is the limit!!!
If you don't believe me email VOG Ask them how many shares they are requesting authority to issue. Bet you its 1 304 565 600 (1.3 billion round) I'm not counting the bits and bobs for staff scheme and directors.
Look you are digging deeper and in my opinion you are wrong. Also you are wrong to refer to a number of 20 % which is NOT mentioned in the circular. The nominal value of VOG shares is .5p. I DO know what nominal value means. When you talk about £6.5 million in respect of nominal value you are talking about 1.3 billion SHARES. Why do you think they were able last time round to put theough a placement of 510 million shares but had to call a general meeting to issue the remaining 955 million shares. Why ? Because they only had authority at the previos AGM to issue nominal value up to £ 4.4 million oiminal £4.4 million = 880 million Finally your previous mention of £10 million is out of context and wrong.
''Vog are requesting authority to issue up to a nominal value of £6.5million shares. This represents up to 1.3 billion shares. (Price the shares are issued at is irrelevant) I am not going to correct any part of my post because as far as I am concerned it is CORRECT.''
Morning Legals, if you are correct & as you say what ''the shares are issued at is irrelevant'', how can you say it represents any amount of share dilution, let alone 1.3billion??? You have taken the nominal price of Vog's shares and calculated what £6.5millions would be. This tends to show me you do not understand what a nominal share price means!
I am quite surprised at your post because having read your post which starts out trying to ridicule my post you then sound as though you are agreeing with me. You then finish up by saying “My reading, & I could be wrong, is Vog could have asked to issue up to 20% of the market capital of the company, or £10millions as it stands today”
OK so let me repeat what I said. Under resolution 4 Vog are requesting authority to issue up to a nominal value of £6.5million shares. This represents up to 1.3 billion shares. (Price the shares are issued at is irrelevant) I am not going to correct any part of my post because as far as I am concerned it is CORRECT. ATB Now looks like an apology due here ?
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