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Whether you agree or disagree with the BOD requests to issue more equity, its important that as an owner of the company you cast your vote.
If you hold your shares in an ISA, then contact your provider (online chat works) to give them your instruction to vote for or against the resolutions (R1 & R2) . If you hold Crest then use the form on the website.
Be heard. Make your feelings known. Its our company (in my case a very, very, very, very small part of it). Personally unless I hear why the BOD have taken the actions they have, I'll be voting as Know0.
getting a late RNS will be useless to many - having to vote by Proxy my vote will be cast way before then
The fact that a company wishes to have the ability to issue shares is not a problem
However, the fact they choose to dilute current shareholders by 6-8% and request ability to dilute by up to a further 10% after Tranche 2 is issued (assumed motion passed) which is against what they have proclaimed they wanted to do and without providing any reasoning for dilution versus taking the cheaper loan notes is difficult to take
When proper companies issue further share capital then its set out as to why - eg an acquisition etc - the flagrant disregard to us as current shareholders in BODs actions is clearly saying that they are running the company like a closed or private entity rather than a publicly traded one.
With BM shares and close connected parties (inc the new "preferenced" holders) they will probably get the 75% of votes on the day, but I will be voting NO.
I truly believe that the company has been turned around by the great work of the BOD and I am reasonably sure there will be good reason for the dilution - but asking me to vote blind on this is a simple NO from me.
If the cash wasn't available elsewhere (like earlier in the year) then dilution is bearable - but to not take cheap loan notes against highly discounted (thats why I say "preferenced") shares that the 2 IIs have been gifted, without explanation is simply wrong
I shall be contacting Barclays (whos name my shares are held) to instruct them that I wish to vote NO against BOTH motions.
DYOR
Hi Sam
I'm hoping that the RNS is way before the 22nd, I'll need to cast my vote before then for it to be counted.....
I kanda hope restrictions keep us away so no one like you know who turns up.
Its going to be a good meeting though im sure.
I wonder if we will get a RNS on the 22nd Confirming the hedge has been cleared. Be a very nice Xmas prezzie.
We have indeed got a RNS of general meeting today! To be held on 23rd Dec
A company must give 14 clear days notice of a General Meeting.
Clear days mean the day after the announcement and the day before the meeting (so 16 days).
That means that if tomorrow (Tuesday) is the day we get notification, then Wednesday 8th is day 1. Day 14 will be the 21st, the 22nd will be the clear day, so the 23rd would be the first day available for a GM.
Its getting a bit tight for December ...........