RE: Your Votes matter, align yourself with the BOD. YES vote11 Jun 2021 13:54
For those of you that might have missed a really good post on here yesterday, please see below, every good reason to remain aligned with our BOD and vote yes
I will only post this a couple more times so as not to clog up the board, but it is useful if it helps to explain why your vote is important.
With permission from a friend, please see below and take in the importance of your vote
Resolution 6 is an ordinary resolution requiring 50%+ of the votes cast. This is the Resolution to allot shares.
Resolution 8 is a Special Resolution requiring 75%+ of the votes cast. This is the Resolution to disapply pre-emption rights.
At the (E)GM the only Resolution was a Special Resolution and it barely scraped through with 81% of the votes cast. And that was with a significant number of votes having abstained.
Let's suppose that those who abstained at the (E)GM now vote Against and that some of those who voted For now abstain. The great likelihood is that Resolution 6 will fail and, as a consequence, Resolution 8 becomes nugatory.
It is truly bizarre that there are some who are thinking about abstaining simply because they want better comms from the Co or greater insight into what the funds might be used for if the Co utilises the power granted. Abstention equates to a vote Against, purely on the maths. It's an either/or vote where only 50% is the benchmark.
I deeply distrust those who are canvassing for either abstention or a vote Against. Or, at least, those who say that is their position when, in reality, they/some probably hold few if any shares at all but who are posting here to create dissention and division.
The question is validly put - 'What happens if Resolution 6 (&, by association, 8) fails to pass?"
I honestly don't know. Yes, the SP will dive but what its implications are for the BoD going forward, I have no idea. I have never, ever, before encountered that with any company in which I have been invested. And that's what worries me and that's what should worry all other genuine investors here, quite apart from the fact that it may well be playing into the hands of a hostile counterparty which might still aspire to take the Co out on the cheap if it has, in total, 25% or so of the votes (when those with which it is acting in concert are taken into account).
Do remember, please, that if there is a deal, the BoD will need 75% minimum of those voting to get it over the line. Please don't fall into the trap of being cajoled by 'dark forces' who and whose paymasters want Resolution 6 to fail. It could make all the difference to the negotiations that are taking place and it could result in the Co having to take further countermeasures to further dilute the counterparty's sway. And that, IMHO, is what the last placing was all about.
GLA
Sign In
Follow the stocks
