RE: Great News1 Aug 2021 01:33
Schalf/All,
I may not be 100% correct re the 100m & 700m request of new shares to be issued.... however it is only with the agreement! take note ! of shareholders. PI's are in the minority as management and others hold the majority of shares.
The 100m shares are to be issued together with a 'Prospectus' subject to approval by the FCA and shareholders in order to pay, ie Consideration in legal jargon as per RNS of the 21st May.
'Consideration for the Agreement
Payment for all the software and services to be provided under the Agreement will be satisfied by the issue of 100,000,000 new ordinary shares in the Company ("New Ordinary Shares") to Wise MPay, subject to the approval of the issue of the New Ordinary Shares by the Company's shareholders at a General Meeting to be convened in due course. Additionally, in order for the Company to issue the New Ordinary Shares and for them to be admitted to trading on the Standard Segment of the Official List and on the Main Market of the London Stock Exchange the Company is required to publish a prospectus approved by the Financial Conduct Authority ("FCA"). The Company has commenced preparation of the required prospectus, which will be submitted to the FCA for approval in due course. '
The 700m shares mentioned in the AGM document,
https://www.gstechnologies.co.uk/post/gst-posting-of-annual-report-and-notice-of-agm
Resolution 7
This is a Resolution of Shareholders proposing that, in substitution for all existing
authorities previously granted, approval is given for the Company to issue up to
700,000,000 new Shares in accordance with Article 8 of the Company’s M&A, at
the Company’s discretion at such times and on such terms as the Directors deem
fit.
So, in conclusion, one might readily assume (open to question) that the maximum number of new shares issued is only ever going to be 700m, and that will include the 100m to be issued to pay for the WiseMPay collaboration for software and services etc.
Essentially what the company is doing is gaining the approval of shareholders to issue SHOULD THE NEED ARISE TO DO SO for funding required to acquire/develop new opportunities etc. That's the way I read these documents IMHO. I would not expect a placing of 700m shares any time soon, but in the first instance a issue of 100m to pay WiseM Pay for their services.
Thats my honest take from the data presented, others may have a different perspective, but I think the 700m Authority includes the 100m for WiseMPay