AGM resolutions on their website8 May 2026 15:26
Claude;
Resolution 6 — Permission to issue new shares
The directors want permission to create and issue new shares in two buckets:
Bucket 1 (£330k nominal): Shares specifically for the warrant holders from the January 2026 placing — investors who put money in were given warrants (options to buy more shares later at a fixed price), and this just formalises the shares that would be issued if they exercise those warrants.
Bucket 2 (£1.1m nominal): A general pot worth up to 50% of the current share capital, for whenever the directors want to raise money or do a deal. This is the big one.
Resolution 7 — Permission to do it without asking you first
Normally if a company wants to issue new shares for cash, they have to offer them to existing shareholders first (called pre-emption rights) so you can maintain your percentage holding. This resolution bypasses that requirement, letting the board issue shares to whoever they want — typically institutional investors or placees — without giving you first refusal.
What it means for you as a shareholder
The honest translation is: the board wants the ability to dilute you by up to 50% without asking permission each time. That's a very large authority — most established companies ask for 10-20%. On AIM early-stage companies it's common because they need flexibility to raise cash quickly, but it does mean your stake could be significantly watered down.
The question to weigh up is whether you trust the board to use that firepower wisely.
Sign In
Follow the stocks
