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Reappointment of the auditor was also approved so no concerns there apparently.

Indeed, it's hard to imagine the board withdrawing their own authority to issue any shares in the next year unless there's a significant third party in the background requiring a guarantee of no dilution, such as a major investor seeking an equity partnership or takeover. Just speculation of course, existing investors might have just put their foot down on further unannounced raises, options and warrants (e.g. the vote on Item 1 could be a show of strength on that, but it's a bit bizarre) but note that the retiring directors were also re-elected. But then existing investors could be also connected with future investors (e.g. Cantor Fitzgerald).

If Carlsberg did AGMs it wouldn't be far off

It was never any such thing. All the CEO said back in July was that their in country intelligence was that other companies had received ML in 'around three months' so they hoped it might be similar. Any deadlines mentioned on this forum are invented, there is no deadline.

No disconnect at all Broomtree, the company has pulled the rug out from under the speculative volatility traders by removing all possibility of unannounced placements for the next year. Mass exit of short term trading positions and rotation to investor positions.

IG - yes they clearly stated that a CPR would be prerequisite for completion of any financing negotiations, which is totally as expected. The complication is the same one we have always known about, it's a unique geological system and it doesn't fit neatly into industry standard trap and seal reservoir estimate models. They need a CP who can work with that innovative complex modelling. The existing timeline shows the project licencing and commissioning phase running through until March 2025, for initial production by end 2025, which all seems feasible if the ML is awarded in the next month or so and the CPR follows.

We've known for years that the project cost would be one side or the other of $100m, it's actually come down in price considerably since the original proposal for 6 wells and plant, for what is now 20-30 wells and plant.

This is massive news, really it is. We can speculate on what alternative contingencies have been presented but for now just take it that it's excellent news.

Really couldn't be better news for existing shareholders and plenty more to look forward to now.

I hope the doubters understand what this means. The 5 and 6 resolutions were a normal rollover contingency allowing the board to issue shares as when necessary, up to one third of current equity. They no longer have that permission. Literally, the board of directors 'cannot' issue new shares in the next 12 months without shareholder approval, so they cannot implement any stealth dilutions. And they're fully funded for existing operational plans and working capital for 12 months. The major Rukwa project is then to be funded by project finance arrangements and not by share issue. Correct me if I'm wrong.

Trolls out in force I see, it was a very good AGM with some fantastic reassurances, fully funded and no authority for the board to raise shares in the next 12 months.

No, that's not what he said. He said that any institutional project finance deal (money from banks, or government or JV partner) would inevitably come with some equity stake. That's totally expected and totally different to a market raise.

Brilliant news all round, fully funded for 12 months, no share placements in sight, plans for a CPR and clear project funding budget for Rukwa development with off take business model, assuming institutional finance model.

Totally irrelevant to Southern Rukwa

Total misunderstanding of what was said

No funding discussions until they have the CPR

No share issues in the next quarter

Really good info on project funding assumptions

No, it's the opposite conclusion. The funding is needed in early 2025 as expected but the board have given up any request to raise funds through placement with shareholder approval for 12 months.

I think they may need a different PR company if they think all their news announcements have been so positive. But really good news from the meeting so far, all reassurances excellent.