MTRO AGM 21May23 Apr 2019 19:26
Resolution 17: Authority to allot Shares
The purpose of this Resolution is to renew the Directors’ authority to allot Shares.
The authority in paragraph (a) will allow the Directors to allot new Shares and grant rights to subscribe for, or convert other securities
into, Shares up to a nominal value of £32.15 representing 32,148,751 Shares, which is equivalent to approximately 33 per cent. of the
total issued ordinary share capital of the Company, exclusive of treasury shares, as at 12 April 2019, being the last practicable date
prior to the publication of this Notice.
The authority in paragraph (b) will allow the Directors to allot new Shares and grant rights to subscribe for, or convert other
securities into, Shares only in connection with a rights issue up to a further nominal value of £32.15 representing 32,148,751 Shares,
which is equivalent to approximately 33 per cent. of the total issued ordinary share capital of the Company, exclusive of treasury
shares, as at 12 April 2019, being the last practicable date prior to the publication of this Notice. This is in line with the Investment
Association’s Share Capital Management Guidelines issued in July 2016.
At 12 April 2019, the Company did not hold any Shares in treasury.
The Resolution would give the Directors the maximum flexibility permitted by investor guidelines to respond to market
developments, however, the Directors have no present intention of exercising this authority, save to the extent they may determine
to do so in connection with the Company’s plans for an equity capital raise announced on 26 February 2019. If they do exercise the
authority, the Directors intend to follow best practice as regards its use, as recommended by the Investment Association.
The authority sought under this Resolution will be effective until the Company’s next AGM or at the close of business on 30 June
2020, whichever is the earlier.
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