AGM resolution 13 vote against ?18 Jun 2019 15:36
Ok , AGM please take a look at resolution 12 and 13
Resolution 12: Authority to Grant Options under the Share Option Plans
Under Section 60B of the Companies Law, every time a Cypriot public company issues shares for cash, or grants rights to subscribe, it must first offer those shares or rights to shareholders on a pro rata basis. The rights of pre- emption in Section 60B of the Companies Law may be disapplied by a resolution of Shareholders in general meeting.
Shareholders will be asked to consider and, if deemed appropriate, to approve a resolution to authorise the Board to grant future options pursuant to the Share Option Plans to subscribe for up to 13,733,912 Ordinary Shares (approximately 10% of the current issued share capital of the Company), as if the rights of pre-emption in Section 60B of the Companies Law did not apply to the grant of such options or the issue of such Ordinary Shares pursuant thereto. Shareholders should note that the Board will be restricted under the Share Option Plans to limiting the grant of options to ensure that at any one time the number of Ordinary Shares subject to outstanding option grants (both pursuant to the Share Option Plans and under existing arrangements) shall not exceed 10% of the Company’s issued share capital. Further, options will be granted with a minimum exercise price of the nominal value of an Ordinary Share.
Resolution 13: Authority to Allot Shares
The Shareholders will be asked to consider and, if deemed advisable, to approve a resolution to authorise the Directors to allot, or grant rights to subscribe for, up to an aggregate of 27,467,825 new Ordinary Shares (representing approximately 20 per cent. of the Company’s issued share capital at the date of this Circular) as if the rights of pre-emption in Section 60B of the Companies Law did not apply. In accordance with the terms of Resolution 13 any Ordinary Shares issued, or rights to subscribe for Ordinary Shares granted, pursuant to this authority will be at a price of not less than a 20 per cent. discount to the Market Price of an Ordinary Share on AIM for the ten trading days immediately preceding the issue or the grant and subject to compliance with, and obtaining any requisite approvals required by, the AIM Rules and the rules of the TSX. Such authority, unless previously revoked or renewed, will expire at the annual general meeting of the Company to be held in 2020.
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