Pre-emtion rights26 Feb 2023 22:56
I’m just going to throw this into the ring!
The below are the last two resolutions from our last agm, which were voted on and approved.
The special resolution gave authority to allot shares, (which have a nominal value of 0.1p each) up to a value of 1 million pounds. I make that 1 billion shares, they are allowed to issue, without calling for another vote.
Now suppose our BOD wanted to buy up some of Newcrests assets, should Newmont be successful in their acquisition?
Would 1 billion shares at 8p be enough, to secure further debt to buy AND DEVELOP the mine? I would say possibly not.
Perhaps another General meeting will be called and maybe this is the reason for Shaun's visit on the 9th?
Just s thought.
Resolution 6
That in substitution for all existing authorities under the following section to the extent unutilised, the directors of the Company (“Directors”) be generally and unconditionally authorised pursuant to Section 551 of the Companies Act 2006 (the “Act”) to allot relevant securities (within the meaning of section 560) up to an aggregate nominal amount of £1,000,000. The authority referred to in this resolution shall be in substitution for all other existing authorities, and shall expire (unless previously renewed, varied or revoked by the Company in general meeting) at the earlier of the next Annual General Meeting of the Company and the date falling 15 months following the date of the Annual General Meeting being convened by this Notice. The Company may, at any time prior to the expiry of the authority, make an offer or agreement which would or might require relevant securities to be allotted after the expiry of the authority and the Directors are hereby authorised to allot relevant securities in pursuance of such offer or agreement as if the authority had not expired.
Special resolution.
7. To dis-apply pre-emption rights up to a maximum aggregate nominal value of £1,000,000
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