RE: Mondays AGM13 Mar 2022 16:23
@skittish
Whilst bowing to your superior knowledge,
would you please, give us your take, on the
cut & pasted information below; mainly
the reason for using the following statement.
‘Resolution 5 cannot be used to issue new shares to third parties.
May l question the validity of this statement, when
a ‘Special Resolution’ measure has been put in
place, the aim of which, is to nullify Resolution 5,
if passed by 75% of shareholders voting rights…
which l believe, IMHO is a ‘given’.
Resolution 5 in the Notice of AGM will be proposed as a Special Resolution. For Special Resolutions to be passed on a poll, members representing not less than 75% of the total voting rights of the members voting (in person or by proxy) must vote in favour of the Resolution.
Explanatory details of the resolutions are set out in the note appended to the Notice of AGM.
SPECIAL RESOLUTION
5. That the Directors be and are hereby generally and unconditionally authorised to exercise all the powers of the Company to allot up to 200,000,000 equity shares in the Company (representing approximately 32% of the issued share capital) for cash or to grant rights to subscribe for, or to convert any securities into, shares in the Company provided that such authority shall expire (unless previously renewed, varied or revoked) on thedate of the next Annual General Meeting of the Company save that the Company may before the expiry of such period make an offer or agreement which would or might require rights to subscribe for or to convert any securities into shares to be granted or equity securities to be allotted after such authority expires and the Directors of the Company may allot Equity Securities or grant such rights under any such offer or agreement as if this authority had not expired.
This resolution revokes and replaces all unexercised authorities previously granted to the Directors to allot shares in the Company but without prejudice to any allotment of shares or grant of rights already made, offered or agreed to be made pursuant to such authorities.
We will all know soon, so perhaps, no need for deliberations:)
NB: Unlike you, l favour a major JV, as AP’s theory to me,
is quite compelling; free drill under contract, hence, a
discovery could have been made, no costs noted.
Synergies, time to deliver, time to get drilling,
IMO, failure to take advantage of a real-time
opportunity, is not an option, optimum speed
we need, to fulfil DM’s lifetime mission.
Nuff said, off to bed.
Wish all well, especially those in Ukraine.
ITV