RE: proxy30 Jul 2021 10:19
Orlm,
Para 1... there is nothing unusual about this resolution. It is the same % stock that can POTENTIALLY be issued, its just there are more shares on issue today.
Para 2. A delay would impede any necessary funding if required, and slow progress. If new shares are offered in proportion to one's holding, all shareholders are treated equally. There is no discrimination to large or small holders in that case. Or did you mean in the event of a placing? The usual reason for a placing is speed, as a rights issue to all shareholders takes months, requires a prospectus, and is expensive. The laws relating to rights issues and placings are very clear and designed to protect shareholders.
Para 3. I totally disagree. There is no agenda to get rid of private investors. That has not been my experience with Napster now, or in the past. You see shadows where there aren't any. Previous placings have always come with a sound reason. No one subscribes for a placement without good reason.
Para 4. You are stretching g the facts here. Previous AGMs have been held in the City. That option is not available due to Covid this year. The company isn't making life difficult, they are making common sense safety decisions. They are providing electronic alternatives, via Zoom, and the ability to submit questions. They did this last year. I was on Zoom, I submitted questions, and received a response.
Par 5. Why do you assume a placing, if it takes place would be lower than the last one? These resolutions are there to allow an issue should it become necessary. It is the same every year. Where do you think funding can come from? Money isn't free, and especially where risk is involved, the cost, whether an interest rate, a claim over assets, or dilution always appears costly. But this is the risk in a growth company.
Just my opinion. GLA.
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