agm10 Jun 2015 10:39
As posted by the Flus on iii.
Your Company Needs You!
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Yes folks, it's AGM time. All you have to do is ring your broker ( they may have a Corporate actions dept if not just ask on the phone)
Then you tell them you wish to vote at the AGM of NRRP. They will ask if you wish to take your
own authorisation if you are attending the AGM.
If you are not attending you can still vote by getting your broker to send in your voting choices.
This is very important; last year we voted against losing what are called " pre emptive rights"
We were in a minority of 1 !
This year Resolution 7 & 8 deal with raising cash and issuing shares. The Company want you
to give them the right to issue shares to the limit of £6m nominal...
as the Nominal price is GBP0.002p. That's an eye watering... 3,000,000,000 shares!!!
We only currently have 1.9bn in issue !!
Three times more than last year.
Resolution 8 is just wrong, issuing that many shares WITHOUT offering them to shareholders
First.
We vote a resounding. NO. Don't complain about cheap placings if you don't vote.
Resolution 7 also asks for the right to issue £6m nominal, this time the difference is that we get a say in that & we get to participate should we wish to. It gives the company access to Capital
and we get our share too. We vote YES to Resolution 7.
There are two other matters: the re election of two Directors, this is done normally in accordance with the Articles. Last year one Chinese Director left after the AGM.
Personally we would say that it's time for a change, and will be voting accordingly, and with regard to how we view the way the company has performed.
We would replace one with our current CEO - because the Company has said that Mr Beams will only be considered as MD After the non executives have got the licence - and the Finance!
Mr Beams was a Chief Financial officer for a very large mining co. He has perfectly relevant
experience & should be party to the funding talks.
He is hampered in our opinion by not being a Director.
Look at all the info, and make your decisions, the company needs to promote itself and we don't need massive dilution at a cheap price.
Please do it, we can make a difference here.
This is our opinion of the resolutions.