Can we assume tomorrow is the day are trousers get taken down. Let's hope they are kind enough to lube, but given past experience it'll probably feel more like it's been dipped in a bucket of sand first.
Anyone able to explain why AB makes reference in Resolution 10 to Section 570 - Disapplication of pre-emption rights: directors acting under general authorisation, and not to Section 571 - Disapplication of pre-emption rights by special resolution ?
If he is hasn't got the powers by the Articles to disapply pre-emption rights, and needs a special resolution to do so, then why isn't it under Section 571 ?
The reason I ask is that under Section 571, Subsection (6), it states that before such a resolution is proposed, the directors must make a written statement setting out—
(a) their reasons for making the recommendation, (b) the amount to be paid to the company in respect of the equity securities to be allotted, and (c) the directors' justification of that amount.
Good point. I am disabled but will try to attend the AGM as i think these questions should be asked directly to AB. He may have information that we dont but if he feels that the company can continue then he should allow share holders the chance to take advantage of any opportunities - not stop us from getting at them to help with our dulition situation. As for AB i am annoyed that he has let MA off and has played both judge and juror in this case instead of turning it over to the police. other than that i am not questioning his integrity
What genuine reason could AB have for not letting us have first dibs on the new shares? This would allow us to keep the same proportion of shares after consolidation and dilution, but still allow the company to raise the needed funds. Surely if he had our best interests at heart this is what would happen? As this isn't happening I can only assume he doesn't care.
I would rather see BMR fall than see private investors rewarded at our expense!!
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