RE: Crazy spread20 Oct 2022 11:23
I interpret that as up to 1/3 of existing issued share capital without shareholder approval.
5. Directors’ authority to allot shares
The directors currently have authority to allot Ordinary Shares in the Company and to grant rights to subscribe
for or convert any securities into shares in the Company. This authority is due to expire at the conclusion of the
AGM.
The Investment Association Share Capital Management Guidelines (IA Guidelines) state that an authority to
allot up to two thirds of existing issued share capital should be regarded by shareholders as routine business.
The Board is seeking, by Resolution 10 to renew that authority over Ordinary Shares up to a maximum nominal
amount £313,118.22 (three hundred and thirteen thousand one hundred and eighteen pounds and twenty two
pence), representing, in aggregate, two thirds of the Company’s issued share capital as at 31 May 2022 (being
the latest practicable date prior to publication of this document). In accordance with the IA Guidelines any
amount in excess of one third of the Company’s issued share capital is only to be used in connection with a
rights issue to holders of Ordinary Shares proportionate to their holdings of Ordinary Shares, subject to such
adjustments the directors deem necessary or expedient to deal with treasury shares, fractional entitlements or
legal or practical problems.
If approved by shareholders this authority will expire on 30 June 2023 or, if earlier, at the conclusion of the
Company’s next annual general meeting. Resolution 10 is an ordinary resolution.
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