Confusion re-47.5m placing9 May 2018 14:15
At agm they was seeking for us to pass Resolution 6/7....
resolution 6 was:-
Resolution 6 � allotment of share capital
At a General Meeting of the Company held on 21 December 2017, the directors were given authority to allot ordinary shares in the capital of the
Company up to a maximum nominal amount of two hundred and sixteen thousand four hundred and five pounds and forty one pence (�216,405.41),
representing approximately 100 per cent. of the Company�s then issued ordinary share capital.
The Board considers it appropriate that authority in respect of a similar percentage of the issued share capital be granted to allot ordinary shares
in the capital of the Company. Accordingly the Board is seeking authority to allot ordinary shares up to a maximum nominal amount of four hundred
and seven thousand four hundred and sixty two pounds and seventy one pence (�407,462.71), representing the aggregate of 100 per cent. of the
Company�s issued ordinary share capital as at 10 April 2018 (the latest practicable date before publication of this letter), during the period up to the
conclusion of the next AGM in 2019 or, if earlier the date 15 months after the date of the passing on the resolution.
Key bit ...."Company up to a maximum nominal amount of two hundred and sixteen thousand four hundred and five pounds and forty one pence (�216,405.41),
representing approximately 100 per cent. of the Company�s then issued ordinary share capital"
This clearly tells us at last egm in DECEMBER after resolutions were passed...they had Authority to have in issue 216,405,410 x 2 = 432,810,820 shares.......
Before this last placing we had in issue...407,462,710 shares.....if you ADD to this this last placing ( 47,500,000 shares ).....we get to a FIGURE of....454,962,710........
454,962,710 takeaway 432,810,820 = 20,151,890....
Basically the market will be short by just over 20M shares if we went ahead and did that placing....
What this means for us...i dont KNOW.....one thing for sure there has been FORWARD SELLING going on here.
Maybe i have missed or overlooked something...if that is the case then my apologies.....